LONDON – Lloyds TSB is cutting 450 IT jobs as the bank moves more positions to India.

The company is offshoring up to 250 permanent IT roles and 200 contractor positions, over a 12 month period from June. The permanent roles will be cut from the bank’s technology delivery division, which designs and develops software.

In a statement, it said: “Information technology is the backbone of our business, and by combining the diverse skills of our staff with those of other companies we can provide the best possible service to our customers.”

Lloyds TSB (the name comes from the 1995 merger of Lloyds Bank and Trustee Savings Bank of England) said it would offer all permanent staff who are affected a position elsewhere in the business, and was providing a