UK banking group Lloyds TSB is shutting down its back office processing centre in Peterborough, leading to the loss of 243 jobs.
According to press reports the Peterborough site will close by the end of the year and the work will be transferred to other Lloyds TSB centres across the UK. The move is part of the bank's plans to consolidate its back office operations.
LloydsTSB has denied that the job cuts are a result of its offshoring programme in India.
But Steve Tatlow, assistant general secretary at LloydsTSB Group Union (LTU), told reporters that the bank was trying to conceal the fact that jobs are being lost as a direct consequence of work being transferred to India.
The bank currently employs around 2500 staff in India and plans to shift another 400 jobs to its offshore centre there this year.