More jobs to go at Lloyds as Equitable Life shifts business to HCL

More jobs to go at Lloyds as Equitable Life shifts business to HCL

More jobs are set to go at Lloyds as UK insurance house Equitable Life announces plans to transfer its outsourced policy administration business from the UK banking group to Indian IT firm HCL.

The insurer says it expects to achieve savings of £8 million in the first year of the switch, which will come into effect in March 2011.

The news means that 340 Lloyds Banking Group roles, based in Aylesbury, will also be moved to HCL.

In a statement announcing the new ten-year deal, Equitable Life says: "Following completion of the transfer, we anticipate that approximately 100 full time roles will remain at the Society's offices in Aylesbury and a small number will be relocated within HCL's other sites in the UK and India."

Lloyds says that most of the job losses at Aylesbury, which will total approximately 570 by the end of 2011, had already been announced in an earlier communication.

The bank says it has reviewed its presence in Aylesbury and decided to relocate its life, pensions and investments operations out of the area.

John Van Der Wielen, managing director of Halifax Life says: "We will be working through a two year programme that will see life, pensions and investments relocate from Aylesbury by the end of 2011. This will allow us to manage our exit in a phased fashion and work closely with the local government bodies to ensure colleagues achieve the best possible outcome based on the options available."

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