Lloyds layoffs stories – does ‘two plus two’ make offshore?

(By Anthony Miller – Tuesday 30th June 2009 1:15pm). As the news of Lloyds layoffs hits the wires, I note an item in India’s Economic Times (see here) which, if you tie the stories together, suggests at least some of these ‘layoffs’ may in fact be jobs offshored to the IT majors. Lloyd’s was already outsourcing some of its IT to TCS, Wipro and Cognizant as a result of a review completed in May 2007. A year later, the press was aflurry with rumours that the bank was to extend offshoring to other IT roles. I doubt we’ll get any comment from the usual suspects, not least because they are now in ‘quiet period’ (Infosys kicks off the reporting season Friday week). Anyway, we’ll see what we can find out.