Bank cutbacks

Lloyds prepares to axe jobs in restructuring move

Uberior House, Lloyds
Lloyds Bank is a big employer in Scotland

Lloyds Banking Group, which includes Bank of Scotland and Scottish Widows, is due to announce a shake-up of management operations next week that is likely to affect 2,500 staff.

The group will launch a consultation with analysts and product managers, the source said, adding many would go through a selection process.

It was unclear how many jobs would be cut, though the bank says it will also be creating roles in areas where it sees growth.

“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 told The Guardian, adding the bank was reviewing how teams worked without elaborating on potential cuts.

The news comes after Reuters reported on Thursday that Barclays is working on plans to save up to £1 billion, which could involve cutting as many as 2,000 jobs.

Last month Lloyds reported better-than-expected quarterly earnings, with pre-tax profits rising to £1.9bn.

Banks have benefited from the series of interest rate rises but this process is expected to be reversed over the next year.

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