Lloyds Banking Group is set to cut 700 jobs following Equitable Life's decision to switch an administration contract from Lloyds to Indian-based IT giant HCL.
The termination of the 10-year contract, which will result in the loss of 240 posts, caused Lloyds to review its operations in Aylesbury, Buckinghamshire.
Following the review, it decided to move life, insurance and pensions out of the area leading to 570 job losses by the end of 2011.
Most of the job losses were included in an announcement earlier this month whcih stated that 5,000 jobs would go in 2010.
The Accord and Unite unions were consulted prior to the announcement. Ged Nichols, general secretary of Accord, described the announcement as a body blow for the workforce and for Aylesbury as Lloyds was the largest private sector employer in the town.
He adds: "Our main concern is to avoid compulsory redundancies arising from any part of today's announcements. The terms and conditions of employment for those staff who Equitable Life is proposing to transfer to HCL is also a priority."
Chris Wiscarson, chief executive of Equitable Life, says he regrets the concern, uncertainty and disruption which the changes will cause for people in Aylesbury.
However, he adds: "This is one of the most important decisions in the society's history. HCL has an impressive reputation and I am confident they will provide great service and great value to policy holders."
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