High street bank Lloyds TSB is considering an offshoring agreement with IBM that could see as many as 10,000 UK jobs go overseas. The deal could be worth as much as £1bn over ten years.

Many of Lloyds' IT staff would move to IBM as part of the deal. IBM would run the bank's internal systems, websites and the network linking its branches, according to London local paper the Evening Standard. IBM is believed to be one of two companies bidding for the contract.

Lloyds TSB faced anger at its annual meeting last week where protesters objected to its plans to offshore 1,500 call centre jobs to India.

The bank refused to comment to the paper, saying if such a deal had gone ahead then staff and unions would have to be informed first. ®

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