Job cuts24 Nov 2023 20:50
Britain's Lloyds shake-up puts around 2,500 jobs at risk - source
Reuters
November 24, 20238:44 PM GMTUpdated 2 min ago
Illustration shows Lloyds Bank logo and rising stock graph
Lloyds Bank logo and rising stock graph are seen in this illustration taken March 12, 2023. REUTERS/Dado Ruvic/Illustration/File Photo Acquire Licensing Rights
LONDON, Nov 24 (Reuters) - Britain's biggest high street bank Lloyds (LLOY.L) 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.
as authorities empty towns
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.
"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.
Advertisement · Scroll to continue
The news comes after Reuters reported on Thursday that Lloyds' rival Barclays (BARC.L) is working on plans to save up to 1 billion pounds ($1.25 billion), which could involve cutting as many as 2,000 jobs.
Most British banks have reported a run of strong profits as higher rates lifted lending revenue. But investor concerns about tougher competition for savers' cash and potential loan defaults amid a cost-of-living crisis are weighing on the sector.
Sign In
Follow the stocks
