Home » UK Business News » Lloyds to cut another 1,600 jobs
Lloyds to cut another 1,600 jobs
https://www.whatjobs.com/news/united-kingdom/uk-business-news/lloyds-to-cut-another-1600-jobs
By Hugh Fort in UK Business News, posted January 27, 2024
Britain's biggest domestic bank Lloyds is cutting around 1,600 roles across its branch network as part of an overhaul to provide more services online.
The cuts are part of a renewed push by banks to axe costs in tough economic conditions, despite a year of robust profits for the industry.
Rival Barclays also slashed thousands of jobs last year, with the majority falling in the bank's back office support unit.
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Lloyds also plans to create 830 roles in an expanded 'relationship growth' team to understand customers' financial goals.
This will provide services across branches, video meetings and over the phone, the Lloyds spokesperson said.
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Around 769 roles will be lost
The net result of the changes will be a loss of about 769 roles, a spokesperson said.
The process is separate to a shake-up of mainly back office roles reported in November, the spokesperson said, which put around 2,500 jobs at risk.
In a post on X, employee union Accord said the move would represent significant changes to ways of working for its members.
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The Lloyds spokesperson said: "As more customers choose to manage their day-to-day banking online, it's important our people are available when it matters most."
They added there would be no role reductions for the "most junior" positions, and voluntary redundancy was also being offered in some situations.
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