Lloyds Banking Group

Type
Internal restructuring
Country
United Kingdom
Region
Location of affected unit(s)
Sector
Financial / Insurance/ Estate
64 - Financial service activities, except insurance and pension funding
64 - Financial service activities, except insurance and pension funding
64 - Financial service activities, except insurance and pension funding
195 jobs
Number of planned job losses
Job loss
255 jobs
Number of planned job creations
Job creation
Announcement Date
20 June 2018
Employment effect (start)
20 June 2018
Foreseen end date

Description

Lloyds Banking Group has announced that it would cut 450 back office roles and promised to compensate for the job losses by creating 255 new positions, which brings the total job loss in this wave of reductions to 195. The company’s statement said the aim of the redundancies was to increase productivity and respond to 'changes in customer behaviour'. Representatives of Unite the Union and Accord said they were very disappointed by the announcement but were ready to support the affected employees in the statutory consultations with trade unions.

This is the third wave of job reductions at Lloyds; in 2018,930 job cuts were announced in February and 1,230 in April.

Sources

  • 20 June 2018: The Financial Times
  • 20 June 2018: The Day Telegraph
  • 20 June 2018: Accord trade union (press release)

Citation

Eurofound (2018), Lloyds Banking Group, Internal restructuring in United Kingdom, factsheet number 94564, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/94564.