IBM bags USD1.6bn Lloyds outsourcing contract
US IT services provider IBM will manage many of Lloyds Banking Group's computer systems in a seven-year outsourcing contract worth GBP1.3bn (USD1.6bn), the Financial Times reported. The deal also calls for the shift of more than 1,900 jobs from Lloyds Banking Group to IBM. Reports said the deal could cut almost GBP760m of costs for Lloyds, although the deal is opposed by some senior union officials. The IBM deal is the brainchild of Jacqueline Guichelaar, who organised a similar project at Deutsche Bank with Hewlett-Packard before joining Lloyds last year as chief information officer for infrastructure technology services.