Restructuring events
European Restructuring Monitor (ERM)
The restructuring events database contains factsheets with data on large-scale restructuring events reported in the principal national media and company websites in each EU Member State. This database was created in 2002.
Lloyds Bank International, a subsidiary of Lloyds Bank, the UK-based global retail and commercial bank, has announced that it will cut 135 jobs on the Isle of Man from April 2021. As part of the restructuring, 15 jobs will be created, reducing the number of jobs lost to 120. The cuts will affect the company’s operations, telephony and payments teams through compulsory and voluntary redundancies.
A representative of Lloyds Bank said that the restructuring was motivated by large groups of customers turning to online and mobile banking services and highlighted that the bank would provide training and support to those who lose their jobs.
Lloyds Bank International has branches in the Channel Islands, which include the Isle of Man, Jersey and Guernsey, and employs 400 people on the Isle of Man.
Eurofound (2021), Lloyds Bank International, Internal restructuring in United Kingdom, factsheet number 103598, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/103598.