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6,000 to go, 8,000 created

Lloyds confirms 2,000 new roles in digital banking revamp

Lloyds Banking Group

Banks are reorganising to reflect changes in the industry (pic: Terry Murden)


 

Update: Lloyds Banking Group has confirmed that it is cutting 6,240 jobs and creating 8,240 new roles as it re-configures the business to meet modern consumer needs.

Lloyds said that 75% of the new roles would be filled by existing staff, but that some specialist roles such as data scientists would come from outside.

The move is part of a £3 billion three-year transformation and technology investment programme which will see it digitising its infrastructure and reshaping its product structure.

The jobs being cut are expected to come from a range of functions across the Lloyds group, including corporate banking, retail and community banking activities.

Unite union national officer Rob MacGregor said the news would “undoubtedly hit the morale of staff who have had to endure round after round of job cuts, branch closures and constant upheaval”.

He added: “Unite will be pressing Lloyds to guarantee no compulsory redundancies and ensure that staff who move into new roles are given the support and skills that enable them to continue delivering the best possible customer service.”

The bank has recently announced a merger of its wealth management businesses with Schroders and has grown its credit card business with the takeover of MBNA.


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