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Lloyds looks to move 1,900 staff to IBM, union says

Staff Writer |
Lloyds Banking Group plans to move about 1,900 staff to IBM in a restructuring plan aimed at reducing costs, according to a trade union.

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Lloyds Trade Union said in a newsletter to staff on Sunday that the transferred employees would be kept on for a year, but most would lose their jobs after four years.

The union said the move could weaken the bank's "existing security controls" and impact on the confidentiality of customer data.

Chief Executive Officer Antonio Horta-Osório is looking to shed thousands of jobs to streamline the business, support dividend payments and boost the share price as the government prepares to sell down its remaining stake in the bank this year.

The planned moves were first reported by the Financial Times.

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