Britain’s Lloyds shake-up puts 2,500 jobs at risk

Step taken amid a renewed push to slash costs

LONDON:

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. The Guardian first reported on the process.

Read: Barclays working on $1.25b cost saving plan

“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 that Lloyds’ rival Barclays is working on plans to save up to 1 billion pounds, which could involve cutting 2,000 jobs. Most British banks have reported a run of strong profits as higher rates lifted lending revenue. But concerns about tougher competition for savers’ cash and potential loan defaults amid a cost-of-living crisis are weighing on the sector.

Published in The Express Tribune, November 26^th, 2023.

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