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Lloyds To Cut 4,500

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http://www.bbc.co.uk/news/business-11531564

Lloyds Banking Group is to cut about 4,500 jobs in its IT operations.

It said 1,600 would be roles held by permanent staff with a further 1,150 working on temporary contracts. The other 1,750 jobs are held overseas.

The bank said the cuts, to happen by 2012, were part of its integration of IT operations between Lloyds and HBOS.

It is the latest round of job losses at the bank, which is 41%-owned by the government, after a £20bn rescue in 2008.

"By making less use of contractors and agency employees, it reduces the impact on permanent staff," the bank said, adding compulsory redundancy would be a last resort.

Edited by exiges

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6000 over at HP by next April--it is starting to look like the jobless recovereh is on!

I wonder if this will enable the top Banksters to increase their skim, er, bonuses this year?

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6000 over at HP by next April--it is starting to look like the jobless recovereh is on!

I wonder if this will enable the top Banksters to increase their skim, er, bonuses this year?

Ouch, that's 10k of IT roles announced in a few days.

Working in IT, it feels like I'm trying to outrun some big monster.

Will try to keep ahead of it for a few years, but there is a certain air of inevitability that my job will eventually end up going the same as the manufacturing jobs that went before.

Edited by Kyoto

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Ouch, that's 10k of IT roles announced in a few days.

Working in IT, it feels like I'm trying to outrun some big monster.

Will try to keep ahead of it for a few years, but there is a certain air of inevitability that my job will eventually end up going the same as the manufacturing jobs that went before.

It does have that look to it.

I am lucky I work in a part of the contracting market that is positively booming just now. Going to ride this particular gravy train for another few years yet until it screeches to a halt.

When everything is changing all over the place there is one place that is always going to be busy. Get into it if you can. ;)

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Ouch, that's 10k of IT roles announced in a few days.

Working in IT, it feels like I'm trying to outrun some big monster.

Will try to keep ahead of it for a few years, but there is a certain air of inevitability that my job will eventually end up going the same as the manufacturing jobs that went before.

+1

Just like the coal miners in the 1970/80's maybe in another 30yrs we'll be watching old footage of Police on horseback coshing bloodied IT workers. :(

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It may be that IT workers in the private sector are overpaid and cossetted, but it is sad news.

What are their job prospects right now and after the spending cuts?

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It may be that IT workers in the private sector are overpaid and cossetted, but it is sad news.

What are their job prospects right now and after the spending cuts?

Will in spite of my pessimism above, I put my CV around last week and was offered a number of interviews within the space of a day.

There's life in the old dog yet, but it's compressed down to a smaller and smaller group of companies - London based and mainly investment banks. Spend 20 minutes on Jobserve to see the extent.

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It may be that IT workers in the private sector are overpaid and cossetted, but it is sad news.

What are their job prospects right now and after the spending cuts?

Depends on the skills they have, contacts, experience - all the usual.

A lot of IT contractors think they are very smart and bright simpl because of how much they get paid. Or in many cases what they used to get paid. :rolleyes:

The truly smart ones will have seen this coming. They would have also seen the boom in change roles coming. And they would have moved across accordingly a few years ago to keep both options open. Of course they would probably have had to take a pay cut. Their colleagues would have told them they were mad. However they would be very glad of it today.

To the ones who have not made plans ? Life goes on. If they have any sense they have saved up a huge wad and can take a few years working out what to do with themselves. They have had the good times now come the bad. To be expected really.

A lot of serious up their own arsehole IT contractors out there. Many really deserve a dose of reality to let them know they are not so special after all.

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Depends on the skills they have, contacts, experience - all the usual.

A lot of IT contractors think they are very smart and bright simpl because of how much they get paid. Or in many cases what they used to get paid. :rolleyes:

The truly smart ones will have seen this coming. They would have also seen the boom in change roles coming. And they would have moved across accordingly a few years ago to keep both options open. Of course they would probably have had to take a pay cut. Their colleagues would have told them they were mad. However they would be very glad of it today.

To the ones who have not made plans ? Life goes on. If they have any sense they have saved up a huge wad and can take a few years working out what to do with themselves. They have had the good times now come the bad. To be expected really.

A lot of serious up their own arsehole IT contractors out there. Many really deserve a dose of reality to let them know they are not so special after all.

Here comes the usual whinge from some permie IT person against contractors.

From what I have read this week's cuts affect both permies and contractors.

Right, now let me have a whinge about permies not having the bottle or belief in their own albilities to go contracting... ****** ain't it... just as much as your anti contractor whinge is.

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Depends on the skills they have, contacts, experience - all the usual.

A lot of IT contractors think they are very smart and bright simpl because of how much they get paid. Or in many cases what they used to get paid. :rolleyes:

The truly smart ones will have seen this coming. They would have also seen the boom in change roles coming. And they would have moved across accordingly a few years ago to keep both options open. Of course they would probably have had to take a pay cut. Their colleagues would have told them they were mad. However they would be very glad of it today.

To the ones who have not made plans ? Life goes on. If they have any sense they have saved up a huge wad and can take a few years working out what to do with themselves. They have had the good times now come the bad. To be expected really.

A lot of serious up their own arsehole IT contractors out there. Many really deserve a dose of reality to let them know they are not so special after all.

Isn't it your place that's announced 1,000s of IT people to be canned? Staff as well as contractors. And replaced by offshorers/onshorers. :blink:

Not looking good in Edinburgh right now is it?

Your CM role might be in demand up there, but that's not the feedback I'm getting from other project managers.

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Good areas to move towards if you work in IT:

Cloud and virtualisation

SAAS e.g. salesforce.com development stack

Outsourcing and vendor relations

Offshore management

Software houses

Procurement

I list these because I think we'll see businesses move back towards their core competencies, buying in technology from external providers.

Being on the sell side for large servuce providers such as Logica, Accenture, EDS, HP etc is in a fast race to the bottom from what I can see.

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Good areas to move towards if you work in IT:

Cloud and virtualisation

SAAS e.g. salesforce.com development stack

Outsourcing and vendor relations

Offshore management

Software houses

Procurement

I list these because I think we'll see businesses move back towards their core competencies, buying in technology from external providers.

Being on the sell side for large servuce providers such as Logica, Accenture, EDS, HP etc is in a fast race to the bottom from what I can see.

I tick of 3 of that list in my current job working for a software house providing buisness execution software (Financial management, Procurement & Project management) as SaaS to our customers.

I just hope the money lasts for the next few years to see me through.

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A lot of serious up their own arsehole IT contractors out there. Many really deserve a dose of reality to let them know they are not so special after all.

The funny thing is, they'll all be competing against the permanent staff who also get made redundant! :lol:

Who is the fool? The guy who takes a "permanent" role for £35K and gets the sack, or the one who did the same job for £80k and also gets laid off? ;)

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They have to clear out the existing IT staff now before the arrival of the coachloads of Indian IT staff who will work for less. They won't want them passing each other on the way in/out.

The bosses at the top who will take more bonuses from the reduced wage costs won't want it to look too obvious.

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Ouch, that's 10k of IT roles announced in a few days.

Working in IT, it feels like I'm trying to outrun some big monster.

Will try to keep ahead of it for a few years, but there is a certain air of inevitability that my job will eventually end up going the same as the manufacturing jobs that went before.

It's ok. These are jobs in the knowledge economy - the thing that was touted by New Labour as replacing our need to do anything dirty like making things.

I'm sure by replacing British workers with ICT staff who don't pay tax in the UK, we will get that much needed growth! :blink::ph34r:

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Someone needs to tell Vince that 10,000+ fewer Indian IT workers are now needed in the UK.

Actually if you had said 30,000 you'd only be accounting for 1 years average intake in Intra Company transfers (been about 35,000 coming in every year for about the past 3-4 years), though often "rotated" yearly to gain maximum National Insurance avoidance (company and ICT "resource" don't pay it in the first year!)

:angry:

Edited by madpenguin

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Good areas to move towards if you work in IT:

Cloud and virtualisation

SAAS e.g. salesforce.com development stack

Outsourcing and vendor relations

Offshore management

Software houses

Procurement

I list these because I think we'll see businesses move back towards their core competencies, buying in technology from external providers.

Being on the sell side for large servuce providers such as Logica, Accenture, EDS, HP etc is in a fast race to the bottom from what I can see.

Useful list thanks - unfortunately for me I like to work in the database and business layers not the internet/cloud layer and I want to do it properly myself not arrange for Indians to do it passably then clean it up before go live.

And I don't like anything to do with sales.

By the time I've applied all the '-' in Jobserve for stuff I can't do or don't want to do I find the 779 vacancies has dropped to 14 and they are all crap money or somewhere really horrid.

I really don't mind learning new tech. and working for very modest money. I just don't want to learn to do it well only to be told to transfer the knowledge to Indians (nothing against Indians BTW, worked with a few and found them courteous and good fun, just seems like most offshoring goes to India).

I guess I just don't fit the globalised business model.

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Ouch, that's 10k of IT roles announced in a few days.

Working in IT, it feels like I'm trying to outrun some big monster.

Will try to keep ahead of it for a few years, but there is a certain air of inevitability that my job will eventually end up going the same as the manufacturing jobs that went before.

You've probably only got a few years. If you haven't already you should work on Plan B.

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Here comes the usual whinge from some permie IT person against contractors.

From what I have read this week's cuts affect both permies and contractors.

Right, now let me have a whinge about permies not having the bottle or belief in their own albilities to go contracting... ****** ain't it... just as much as your anti contractor whinge is.

I have been a contractor for over 3 years now myself...

In fact I was probably classed as an 'IT Contractor' for a good part of that. So I think I am in a pretty good position to comment. :D

Just commenting on what I hear a lot of from other contractors. Many seem to have a similar attitude to those that just happened to buy a house at the right time and think they have done so well and 'made' so much money.

Most people in IT just happened to get into something at the right time that made them a lot of money. No problem with that. Doing it myself right now. However a LOT have the 'I deserve it' attitude. 'I won't get out of bed for less than...'

I am sure you know what I am talking about. They give the rest of the IT contractors a bad name. And they are not in a tiny minority either. They are of decent numbers.

Isn't it your place that's announced 1,000s of IT people to be canned? Staff as well as contractors. And replaced by offshorers/onshorers. :blink:

Not looking good in Edinburgh right now is it?

Your CM role might be in demand up there, but that's not the feedback I'm getting from other project managers.

I work in a few places. Not going to divulge names but it can't be hard to work out. You have a choice of 3-4 big boys up here.

As for Edinburgh ? It is a strange one. Loads of jobs going, but then again so much work going on just now that the contracting market is mental. Its almost a pick where you want to work and how much you want paid scenario. I plan to take advantage whilst I can !!

The funny thing is, they'll all be competing against the permanent staff who also get made redundant! :lol:

Who is the fool? The guy who takes a "permanent" role for £35K and gets the sack, or the one who did the same job for £80k and also gets laid off? ;)

Who knows. Anyone who thinks a job is long term and plans accordingly is a fool in my book. Whether it is contract or permanent who cares. Just different ways of being paid for doing work for someone you can't really be bothered working for. Both sides have their advantages and disadvantages. However so many want to 'take sides' when it comes to the subject. I find it rather strange. This thread is a rather good example actually.

What do you do?

Change stuff. And right now everything is changing. It is the flavour of the day. And if the Government decide to 'break up the Banks' it will mean even more work.

You would think they could just concentrate on making things work for once rather than trying to change the World. However they are all at it.

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It's ok. These are jobs in the knowledge economy - the thing that was touted by New Labour as replacing our need to do anything dirty like making things.

I'm sure by replacing British workers with ICT staff who don't pay tax in the UK, we will get that much needed growth! :blink::ph34r:

the trouble with knowledge, is, read a book and you have it.

£50 entry costs...£0 exit costs.

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They have to clear out the existing IT staff now before the arrival of the coachloads of Indian IT staff who will work for less. They won't want them passing each other on the way in/out.

The bosses at the top who will take more bonuses from the reduced wage costs won't want it to look too obvious.

If you read the story you will see that over a third of the staff being laid off (1750) are in fact based overseas.

As Lloyds had offshored some of its operations to India then it is likely that they are also effected by this redundancy round.

On edit - Silicon.com confirms Indian offshore resources are being hit

http://www.silicon.com/management/cio-insights/2010/10/13/lloyds-to-cut-4500-tech-jobs-39746463/

Edited by realcrookswearsuits

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its always the back office that bears the brunt of any cuts.

Then they'll just onshore the cheap Indians if legislation means that they can't offshore certain roles, especially government/defense/banking roles.

+1 to the knowledge economy though. I know for sure that I wouldn't be making the money I'm making right now if wasn't for the knowledge I've gained over the past year.

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  • 261 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
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      • Even
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      • up 5%



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