Lloyds Banking Group To Reduce Workforce By 500 In Restructuring Plan
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Lloyds Banking Group, one of the UK’s largest banks, shared plans to lower its worker numbers by about 500 and shut two large offices. It explained that these changes were part of a £4 billion plan to update how it operates and improve online services.
The bank shared in an inside message on Wednesday that it would check over 1,500 jobs in different teams, including customer help, online services, green projects, and marketing. It said these steps would help it work better, save money, and reach its growth goals.
Lloyds Plans Job Changes And Office Moves To Support Future Goals
Accord, the worker group for Lloyds staff, said some jobs would go in operations, with fewer cuts in green work and business banking.
Lloyds said most job losses would be in middle-level customer help. But it planned to add 151 new jobs to fit its changing work.
The bank said it must change how it works to reach its 2022 plans and help customers better. It said some workers would get new jobs and learn new skills, but some would lose jobs. It said it would help those who lose jobs.
Lloyds also wanted to close offices in Liverpool and Dunfermline. It said workers there would move to Chester and Edinburgh.
A person who knows about the changes said most Liverpool workers, who stop fraud and help customers, already work from home.
Dominic Hook, a worker group leader at Unite, did not like the Liverpool office closing. He said it would hurt the place.
Lloyds Adapts Work Policies And Rewards To Support Digital Growth
The bank’s steps showed a wider change in work rules. Many companies had reviewed work-from-home policies that started during COVID-19. Some, like JP Morgan Chase and Amazon, had stricter office rules, while others, like Asda and Santander, used similar mixed-work plans.
Ged Nichols, head of Accord, explained that rules on office time should be fair. He shared that checking workers’ office time should not create problems if handled with care and common sense.
Lloyds also shared that it had changed its reward system. It planned to give higher bonus chances to its 33,000 lowest-paid workers. Nichols welcomed this step but said it should not lower regular bonuses for others.
The job cuts and office changes were part of Lloyds’ five-year plan to depend less on interest money, lower costs, and focus on online banking. As it neared the last part of this plan, the bank balanced updating its work, changing its worker numbers, and keeping workers happy in a fast-changing industry.
