The restructuring events database contains factsheets with data on large-scale restructuring events reported in the principal national media and company websites in each EU Member State. This database was created in 2002.
South West; Gloucestershire; Wiltshire and North Somerset
Location of affected unit(s)
Sector
Financial Services Financial And Insurance Activities Financial Service Activities, Except Insurance And Pension Funding 64 - Financial service activities, except insurance and pension funding
New offshoring locations
1,000 jobs Number of planned job losses
Announcement Date
9 November 2004
Employment effect (start)
31 December 2005
Foreseen end date
Description
On 9 November 2004, Lloyds TSB said it was planning to transfer a further 1,000 jobs to India. Lloyds TSB, which employs 77,000, said it was confident it could achieve the transfers through natural wastage (with about 4,000 people currently leaving the bank each year) and redeployment of UK staff to other roles. It said the jobs would come from its insurance division, from Cheltenham & Gloucester, information technology and group operations activities. Those unable to leave naturally or find other roles in the bank would receive ‘training bonds' to help them seek other jobs.
Sources
10 November 2004: The Guardian
Citation
Eurofound (2004), Lloyds, Offshoring/Delocalisation in United Kingdom, factsheet number 60746, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/60746.
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