Wed, Mar 12, 2025

Lloyds Banking Group Creates New IT Jobs in India: A Strategic Move in Digital Transformation

UK-India
Sarah J

Sarah J

Posted on Wed, Mar 12, 2025

4 min read

Share the article with your network

x
Facebook
linkedin

Lloyds Banking Group, one of the UK’s leading financial institutions, is making headlines with its latest strategic decision to relocate a significant portion of its IT workforce from the UK to India. This move, reported by Eastern Eye on March 7, 2025, reflects the bank’s ambitious £4 billion digital transformation plan, aimed at enhancing efficiency, cutting costs, and improving returns through digitization. Here’s a detailed look at this development, its implications, and the broader context surrounding it.


Expansion in India: A Tech Hub in Hyderabad

Lloyds is aggressively expanding its technology and data workforce in India, with a goal to employ 4,000 permanent staff in these fields by the end of 2025. This figure represents nearly half of the bank’s global engineering workforce, a clear indicator of the scale of this shift. The focal point of this expansion is a state-of-the-art technology center in Hyderabad, which opened in 2023. Located in Salarpuria Sattva Knowledge City in the HITEC City district, the center is already recruiting for roles such as full-stack engineers, cloud engineers, and quality engineers. These positions are critical to Lloyds’ ongoing IT transformation, which emphasizes modernizing infrastructure and delivering innovative digital solutions for its 27 million UK customers, including 21.5 million digitally active users.


The Hyderabad facility is led by globally recognized technology leader Sirisha Voruganti, the Managing Director of Lloyds Technology Centre. With a background that includes being the first female Managing Director in technology for JP Morgan Chase in India, Sirisha brings expertise in IT architecture, data engineering, and fintech innovation. Her leadership is pivotal in harnessing India’s vast talent pool to drive Lloyds’ digital ambitions, while also promoting diversity and inclusion in tech roles.


Job Cuts in the UK: A Controversial Trade-Off

While Lloyds ramps up hiring in India, the bank is simultaneously reducing its UK-based IT workforce. In February 2025, approximately 6,000 UK IT employees were informed that their jobs were at risk as part of a skills review within the bank’s engineering job families. Lloyds plans to create 1,200 new high-skilled tech positions in the UK, but these roles will be filled through a competitive application process, meaning not all current employees will secure them. The bank has acknowledged that some UK workers will lose their jobs, though it has not disclosed the exact number of cuts.


This decision has sparked criticism, notably from Mark Brown, General Secretary of Lloyds’ independent union, BTU. Brown labeled the move as “breathtaking hypocrisy,” arguing that it contradicts the bank’s stated purpose of “Helping Britain Prosper.” He urged Lloyds to invest in training UK-based IT specialists through apprenticeships rather than outsourcing jobs overseas.


A £4 Billion Digital Strategy

The shift to India is part of a broader £4 billion investment strategy spearheaded by Lloyds’ CEO, Charlie Nunn. Announced as a cornerstone of the bank’s long-term growth plan, this initiative aims to transform Lloyds into a digital-first institution. The strategy includes modernizing technology architecture, enhancing customer experiences, and streamlining operations—all while reducing costs. The Hyderabad tech center, which complements Lloyds’ UK-based tech talent growth, is a key component of this vision. As Ron van Kemenade, Lloyds’ Group Chief Operating Officer, noted at the center’s opening in 2023, it marks “a pivotal moment in our overall transformation journey.”


Industry Trends and Precedents

Lloyds is not alone in this approach. Other major UK banks, such as NatWest and Nationwide, have similarly shifted IT operations to India, capitalizing on the country’s skilled workforce and lower operational costs. This trend reflects a broader movement within the financial services sector to balance cost efficiency with technological advancement. For Lloyds, the move aligns with its goal of maintaining competitiveness in an ever-changing industry, where digital innovation is paramount.


Leadership and Talent at Lloyds Technology Centre

The Hyderabad center boasts a robust leadership team driving its growth. Alongside Sirisha Voruganti, key figures include Dr. Vipul Jain, with over 25 years of HR leadership experience in IT and telecommunications, and Sree Latha Batta, who brings 27 years of expertise in business intelligence and technological capabilities from global financial organizations. Ashish Sharma, the Client Data and Analytics Technology Platform Lead, contributes 24 years of engineering experience in financial services. Together, this team is tasked with building a high-performing engineering organization that leverages cloud-based solutions, cybersecurity, and data analytics to support Lloyds’ UK operations.


Lloyds has framed this restructuring as a necessary evolution, stating, “Making changes means not only creating new roles and upskilling colleagues but also saying goodbye to talented people who have been part of the group’s success in the past.” However, the decision has raised questions about its impact on UK employment and the bank’s commitment to its home market. Critics argue that outsourcing skilled jobs could undermine local talent development, while supporters see it as a pragmatic step to remain competitive in a globalized economy.


For India, the expansion reinforces Hyderabad’s status as a burgeoning tech hub, creating hundreds of high-skilled jobs and deepening Lloyds’ commitment to the region. The center’s focus on cutting-edge technologies like cloud computing and cybersecurity positions it as a vital asset in Lloyds’ digital ecosystem.


As of March 12, 2025, Lloyds’ strategic pivot is well underway, with the Hyderabad tech center poised to play a central role in its future. While the bank navigates the fallout from UK job cuts, its investment in India signals a long-term bet on global talent and digital innovation. Whether this move will ultimately strengthen Lloyds’ position—or draw further scrutiny—remains to be seen. For now, it underscores the complex balancing act facing modern financial institutions as they adapt to a rapidly evolving technological landscape.

---

Join the exclusive network for leaders driving growth and partnerships in tech and science - www.startupeuropeindia.net

You may also like

Team S

Team S

Wed, Jul 30, 2025

US-India’s Game-Changing Satellite Launch: Unlocking Earth’s Hidden Secrets

A new radar satellite developed by the United States and India is scheduled to launch on Wednesday from India’s southeastern coast. Named NISAR, which stands for NASA-ISRO Synthetic Aperture Radar, the spacecraft aims to monitor subtle changes in Earth’s land and ice surfaces. The mission is designed to help scientists predict natural and human-caused hazards, such as earthquakes, landslides, and infrastructure damage.The pickup truck-sized satellite will lift off at 5:40 p.m. local time from the Satish Dhawan Space Centre, carried by an Indian Space Research Organisation Geosynchronous Satellite Launch Vehicle rocket. Orbiting at an altitude of 464 miles, NISAR will use a 12-meter dish to transmit microwaves and capture their echoes from Earth’s surface. These signals, processed by computers, will create high-resolution images capable of detecting surface movements as small as one centimeter.NISAR operates on two radar frequencies: L-band and S-band. The L-band is suited for monitoring taller vegetation like trees, while the S-band provides precise readings of shorter plants, such as bushes. This dual-frequency system allows the satellite to track changes in forests, glaciers, sea ice, and critical infrastructure, including dams and bridges. It can also identify areas prone to seismic activity, offering insights into fault lines and volcanic regions.The project is a collaboration between NASA’s Jet Propulsion Laboratory and ISRO. Each agency built components independently before integrating and testing the spacecraft in Bengaluru, India. The mission has been described as a significant step in U.S.-India cooperation, with both nations emphasizing its scientific and diplomatic value.Scientists anticipate NISAR’s data will enhance understanding of Earth’s surface dynamics. In regions like the Himalayas, where large earthquakes have occurred, the satellite’s measurements could improve hazard assessments. In well-monitored areas like California, it will allow researchers to focus on specific fault zones. The satellite’s ability to operate day and night and penetrate clouds ensures consistent data collection.NISAR will scan nearly all of Earth’s land and ice surfaces twice every 12 days, providing a steady stream of information. This data is expected to support disaster preparedness and infrastructure monitoring worldwide. The launch marks a milestone in space-based Earth observation and international partnerships.Join Startup Europe India Network - a verified platform connecting Indian and European business and product leaders to accelerate growth. Apply to become a member www.startupeuropeindia.net
Wed, Jul 30, 2025
US-India’s Game-Changing Satellite Launch: Unlocking Earth’s Hidden Secrets
Team S

Team S

Wed, Jul 30, 2025

Temasek Nets 10-Fold Gain with S$8.2 Billion Stake Sale in Schneider Electric India

Temasek Holdings, Singapore’s state investment company, has sold its 35 percent stake in Schneider Electric India Pvt Ltd (SEIPL), an Indian joint venture with French multinational Schneider Electric, for 5.5 billion euros (S$8.2 billion) in cash, marking a tenfold return on its initial investment. The deal, announced on Wednesday, transfers full ownership of the joint venture to Schneider Electric, strengthening the French company’s strategic focus on India as a key growth market and global hub.Temasek acquired the 35 percent stake in SEIPL for 530 million euros in 2020, when Schneider Electric merged its Indian low-voltage and industrial automation product unit with the electrical and automation operations of Larsen & Toubro Ltd. The joint venture, established in 2018, has since grown into Schneider’s third-largest market by revenue, generating 1.8 billion euros in statutory revenue in 2024, with total India sales, including exports, reaching 2.5 billion euros across Schneider’s subsidiaries.Schneider Electric, a global leader in energy management and automation, emphasized that full ownership of SEIPL will enhance its decision-making speed and agility in India, a critical hub in its multi-hub global strategy. The company operates 31 factories and 31 distribution centers in India, positioning the country as a cornerstone for its research, development, and supply chain operations, particularly for the Asia-Pacific and emerging markets. Schneider projects double-digit compound annual growth in SEIPL’s organic sales in the coming years and plans to scale its Indian operations by 2.5 to 3 times.“This transaction represents the logical next step in Schneider Electric’s strategic investment focus on India as both an attractive domestic growth market and one of the key hubs in its multi-hub strategy,” Schneider Electric stated in a press release. Olivier Blum, the company’s CEO, underscored India’s role, noting, “India is one of the key focus markets of Schneider Electric for the years to come.”The deal, subject to regulatory approval from India’s antitrust regulator, the Competition Commission of India, is expected to close in the coming quarters. It follows earlier reports in July 2025 that Schneider was in talks to acquire Temasek’s stake for approximately US$1 billion, which would have valued the joint venture at US$5 billion, including debt. The final transaction price of 5.5 billion euros reflects a significantly higher valuation, underscoring the venture’s growth and India’s rising importance in global markets.Temasek’s exit aligns with its broader investment strategy in India, where dealmaking activity is surging. Mergers and acquisitions in India reached US$31 billion in 2025, a 16 percent increase from the previous year, according to Bloomberg data. Temasek has been active in the region, recently investing US$1 billion in Indian snacks maker Haldiram and increasing its stake in Italian luxury group Ermenegildo Zegna to 10 percent. Chia Song Hwee, Temasek’s Deputy CEO, highlighted the success of the Schneider partnership, stating, “We have been privileged to journey alongside Schneider Electric India and look forward to seeing them grow as a leading franchise in India.”The sale reflects growing investor confidence in India’s economic potential, driven by its status as the world’s most populous nation and government initiatives promoting domestic manufacturing. Schneider Electric’s deepened commitment to India includes plans to manufacture 90 percent of its products locally and expand its research and development capabilities, further solidifying the country’s role in its global operations.The transaction marks a significant milestone for both companies, with Temasek securing a substantial return and Schneider Electric positioning itself to capitalize on India’s rapid economic growth and industrial transformation.Sources: The Business Times International, The Hindu BusinessLine, Business Standard, News18, NDTV ProfitJoin Startup Europe India Network - a verified platform connecting Indian and European business and product leaders to accelerate growth.
Wed, Jul 30, 2025
Temasek Nets 10-Fold Gain with S$8.2 Billion Stake Sale in Schneider Electric India
Sarah J

Sarah J

Thu, Jul 24, 2025

UK and India seal Free Trade Agreement Signed in London

Indian Prime Minister Narendra Modi has signed a free trade deal with Prime Minister Sir Keir Starmer in a multi-billion pound export boost.The UK-India Free Trade Agreement (FTA), signed in mid-2025, is a major trade deal expected to significantly deepen economic ties between the two nations. After over three years of negotiations, the deal aims to boost bilateral trade by around £25.5 billion annually by 2040 and add roughly £4.8 billion each year to the UK’s GDP.Key elements include substantial tariff cuts:For UK exports to India, tariffs on most goods fall from about 15% to just 3%. This benefits sectors like alcoholic beverages (whisky tariffs drop immediately from 150% to 75%, then to 40% over 10 years), automotive (tariffs on cars drop from up to 110% to 10% under quotas starting with internal combustion engine vehicles and transitioning to electric and hybrids), cosmetics, medical devices, and advanced manufacturing.For Indian exports to the UK, 99% of goods will have duty-free access. This opens up markets for textiles, footwear, clothing, seafood, jewelry, electronics, and certain vehicles. The UK is eliminating or reducing tariffs significantly to enhance Indian competitiveness in the British market.Beyond goods, the deal breaks new ground in services and professional mobility:Mutual recognition of professional qualifications in fields like accountancy, law, and architecture makes it easier for individuals from both countries to work cross-border.Indian professionals working temporarily in the UK gain up to a three-year exemption from double National Insurance contributions if covered by India’s social security scheme (and similarly for UK employees temporarily in India), cutting costs for businesses and workers.UK firms get access to bid on Indian federal government contracts worth about £38 billion annually, especially in clean energy and infrastructure.Economically, the deal is predicted to create over 2,000 jobs in the UK and stimulate an additional £6 billion in investment, especially in technology and automotive sectors. It also locks in UK ownership caps for Indian insurance and banking firms up to 74%, ensuring fair treatment for British financial services companies in India.Some criticisms remain. The UK imports a higher share of Indian goods duty-free (99%) compared to UK goods entering India (about The UK-India Free Trade Agreement, signed in 2025, is a landmark deal expected to boost bilateral trade by £25.5 billion annually by 2040 and add about £4.8 billion per year to the UK economy.The agreement slashes tariffs dramatically:UK exports to India will see average tariffs drop from 15% to 3%. Whisky tariffs fall from 150% to 75% immediately, then to 40% over 10 years. Car tariffs reduce from up to 110% to 10% under quotas, covering internal combustion engines and transitioning to electric and hybrid vehicles. Other beneficiaries include cosmetics, medical technology, and advanced manufacturing.Indian exports to the UK enjoy duty-free access on 99% of goods, especially textiles, footwear, jewelry, electronics, clothing, seafood, and certain vehicles.Beyond goods, the deal opens new doors in services and mobility:Professional qualifications in sectors like law, architecture, and accountancy will be mutually recognized, making temporary work across borders easier.Indian workers in the UK get a three-year exemption from double National Insurance payments if covered by India’s social security, with a reciprocal arrangement for UK workers in India.UK firms can bid for Indian government contracts worth around £38 billion annually, notably in clean energy and infrastructure.Economically, the FTA is predicted to create more than 2,000 jobs in the UK and attract £6 billion in investments, especially in technology and automotive. It also locks in UK investments in Indian insurance and banking sectors up to 74%.Critics point out that while 99% of Indian goods enter the UK duty-free, only about 85% of UK goods will gain duty-free access in India. Also, the deal does not alter UK immigration policies, including visa rules beyond professional mobility and social security arrangements.The agreement still needs ratification by both countries and is expected to come fully into effect by 2026, allowing businesses and professionals time to prepare for new opportunities.Read more: https://www.bbc.co.uk/news/articles/c307ggj492voJoin the UK-EU-India Tech and Science Expansion Network www.startupeuropeindia.net
Thu, Jul 24, 2025
UK and India seal Free Trade Agreement Signed in London