Lloyds Banking Group PLC (LON:LLOY) has told about 1,000 staff in its insurance division that they will be moving to Diligenta, a subsidiary of India’s Tata Consultancy Services, according to Reuters.
The newswire reported that trade union Unite said staff at Scottish Widows and Clerical Medical in Edinburgh and Bristol will be transferred to the new company, although no time frame has been given for the move.
READ: Lloyds most complained about bank in first half, Financial Ombudsman reveals
In a statement, Rob MacGregor, a Unite national officer said: “The message from Lloyds Banking Group is loud and clear and appears to be ‘so long, thanks for your efforts, you work for them now’.”
Lloyds in a statement confirmed the transfer of jobs and said the new arrangements “will make managing heritage products simpler and more efficient for the bank’s customers.”
Tata Consultancy Services, India’s biggest software services exporter, is the most profitable part of the country’s largest conglomerate.