The UK Government owned Lloyds Bank creates 2000 jobs - In India

[OhioChick]

In my earlier article I told you that Lloyds the UK Government bank is going to sack over 2100 British workers. Well here is the truth of what is happening.

The UK Government owned Lloyds Banking Group has initiated the process of
replacing most its British workers with Indian nationals. Many of the Indian recruits will be from top-rung Indian comapnies such as Wipro and TCS, which are also the bank’s vendors, said two industry officials familiar with the development.

The biggest losers will be British based IT workers around. It is learnt that Lloyds is going to replace over 80% of its IT workforce with those from India. “We continue to outsource areas of IT work to companies based overseas. At any one time, some of the staff from these companies will be based in the UK to deliver aspects of our IT projects, which is standard industry practice,“ said a Lloyds spokeswoman over e-mail.

She added the number of staff from overseas companies working with Lloyds in the UK varied depending on the projects underway and the skills required. TCS declined to comment since it was in the midst of its silent period, while Wipro refrained from commenting on “market speculation.”
Globally, the economic crisis has resulted in serious cost-cutting measures, which include wage cuts. For example, an Indian IT specialist, with over four years of experience, will be paid almost 30% lesser than his British counterpart.

“The costs pressures for companies in Europe and US are forcing companies to lay off workers and replace them with more inexpensive labour mostly from India and China,” said a UK-based consultant, who advises European banks on outsourcing strategies.

http://www.check4jobs.com/news/2009/07/4864154125853106841/the-uk-government-owned-lloyds-bank-creates-2000-jobs-in-india

[ChromeFoundry]

1. Race to the bottom...

"Climb aboard the express elevator...we're going DOWN!!!"

[OhioChick]

2. Pitchforks will be coming out in many countries, soon. n/t

[notadmblnd]

3. I hope they get what they pay for

There's no was Americans or Britons can compete when corporations deal with countries that allow exploitation of their citizens. Slave labor in India is rampant, people have even been known to sell their own children for a few bucks.

[Skittles]

4. we all get what they pay for

right up the ass