25 Nov 2023
Lloyds is poised to begin a consultation with staff in a number of roles, including analysts and product managers, the source said, adding many would go through a selection process and it was unclear how many would ultimately be cut.
Britain's biggest high street bank Lloyds is putting around 2,500 jobs at risk as part of a shake-up, a source familiar with the matter told Reuters, amid a renewed push by lenders to slash costs.
Lloyds is poised to begin a consultation with staff in a number of roles, including analysts and product managers, the source said, adding many would go through a selection process and it was unclear how many would ultimately be cut.
Staff are expected to be informed of the process as early as next week, the source said, adding it would also involve the creation of 120 roles.
Also Read: UK's Lloyds Banking Group to set up tech centre in Hyderabad
The Guardian first reported on the process.
"We are evolving and transforming our business to ensure we can do more for our customers and deliver the products and services they need," a Lloyds spokesperson said, adding the bank was reviewing how teams worked without elaborating on potential cuts.
The news comes after Reuters reported on Thursday that Lloyds' rival Barclays is working on plans to save up to 1 billion pounds ($1.25 billion), which could involve cutting as many as 2,000 jobs.
Also Read | Lloyd's Register withdraws certification of Indian carrier importing Russian oil: Report
Most British banks have reported a run of strong profits as higher rates lifted lending revenue. But investor concerns about tougher competition for savers' cash and potential loan defaults amid a cost-of-living crisis are weighing on the sector.
Lloyds is poised to begin a consultation with staff in a number of roles, including analysts and product managers, the source said, adding many would go through a selection process and it was unclear how many would ultimately be cut.
A pedestrian walks past a branch of Lloyds Bank, in central London
(Photo by Justin TALLIS / AFP)
Britain's biggest high street bank Lloyds is putting around 2,500 jobs at risk as part of a shake-up, a source familiar with the matter told Reuters, amid a renewed push by lenders to slash costs.
Lloyds is poised to begin a consultation with staff in a number of roles, including analysts and product managers, the source said, adding many would go through a selection process and it was unclear how many would ultimately be cut.
Staff are expected to be informed of the process as early as next week, the source said, adding it would also involve the creation of 120 roles.
Also Read: UK's Lloyds Banking Group to set up tech centre in Hyderabad
The Guardian first reported on the process.
"We are evolving and transforming our business to ensure we can do more for our customers and deliver the products and services they need," a Lloyds spokesperson said, adding the bank was reviewing how teams worked without elaborating on potential cuts.
The news comes after Reuters reported on Thursday that Lloyds' rival Barclays is working on plans to save up to 1 billion pounds ($1.25 billion), which could involve cutting as many as 2,000 jobs.
Also Read | Lloyd's Register withdraws certification of Indian carrier importing Russian oil: Report
Most British banks have reported a run of strong profits as higher rates lifted lending revenue. But investor concerns about tougher competition for savers' cash and potential loan defaults amid a cost-of-living crisis are weighing on the sector.
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