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.
Financial Services Financial And Insurance Activities Financial Service Activities, Except Insurance And Pension Funding 64 - Financial service activities, except insurance and pension funding
6,240 jobs Number of planned job losses
8,240 jobs Number of planned job creations
Announcement Date
6 November 2018
Employment effect (start)
Foreseen end date
Description
Lloyds Banking Group has announced plans to create 8,240 jobs as part of a move to revamp the services it offers to its customers. The new jobs will be part of a move to greater online provision for the bank and will also see the loss of 6,240, meaning a net increase of 2,000 jobs. The bank has undergone a seriesof restructurings in recent times and has closed many high street branches. The latest announcement will not affect any high street branches, though a site in Gillingham will close. Workers will be retrained to fill the new positions and it is anticipated that the bank will be able to fill three-quarters of the new roles with existing staff members. As of November 2018, there is no information on the timeframe for this latest restructuring.
A spokesperson for the Unite union raised concerns with yet another restructuring, arguing that this would lead to lower staff morale. The spokesperson also urged the bank to minimise compulsory redundancies and ensure that staff who are retained receive the proper training and support in order for them to be able to undertake the new roles.
Sources
Citation
Eurofound (2018), Lloyds Banking Group, Internal restructuring in United Kingdom, factsheet number 95943, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/95943.
Digitisation and automation technologies, including artificial intelligence (AI), can affect working conditions in a variety of ways and their use in the workplace raises a host of new ethical concerns.
The retail banking sector is fertile ground for studying the impacts of digitalisation on work and employment. Financial services are increasingly provided online, without the intermediary of customer-facing institutions.
European labour markets have recovered strongly from COVID-19. By the end of 2021, little more than 18 months after the start of the pandemic, employment rates in the EU were almost at pre-crisis levels.
