Lloyds to cut 500 jobs and close two offices

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Lloyds Banking Group is cutting hundreds of jobs and closing two offices as the high street bank enters the final stages of its £4bn growth and digitization plan.

In a series of announcements to staff on Wednesday, the UK’s biggest retail lender said it planned to review more than 1,500 jobs, resulting in cuts of around 500 roles.

The bank, which has more than 60,000 employees, will cut jobs in areas ranging from customer service to sustainability, a union accord previously reported in the Financial Times confirmed.

Most of the layoffs target middle management “customer relationship” employees, which will affect employees working in operations, “digital experience” and marketing. The bank plans to reduce some roles in its sustainability operations and commercial banking.

As part of the restructuring, Lloyd’s It will also create 151 new jobs.

The move comes as the UK’s biggest high street bank enters the final two years of a five-year £4bn investment plan led by chief executive Charlie Nunn to increase non-interest rate income and digitize its operations. To reduce costs and improve returns.

It comes after the bank replaced the recognition last year Union membership of highly paid employees With “people’s forums” to discuss issues ranging from layoffs and pay to health and safety.

Planned cuts include 193 cuts in England and Wales as part of the move Sharing to the branch For Lloyds and Halifax clients, this will affect two regional directors and 40 senior managers, adding one person familiar with the discussions.

Lloyd’s “We are transforming our business to deliver on the ambitious strategy we launched in February 2022 and deliver better service to our customers,” he said.

The change meant not only creating new roles in some parts of the business and making good colleagues, but also saying goodbye to talented people who had previously been part of the team’s success. Unfortunately, the issue is that we will do our best to support the recently announced changes.

The bank has announced plans to close its Liverpool and Dunfermline offices, moving staff to offices in Chester and Edinburgh and allowing most to continue working from home.

Dominic Hook, Unite’s national officer, said: “The proposed closure of the large Lloyds Banking Group center in Speke, Liverpool, is a huge mistake.” “The impact on hundreds of workers and the region is significant and completely unnecessary.”

The Lloyds Liverpool office deals mainly with fraud and customer services. A person familiar with the company said most of the Liverpool office was already working from home.

Lloyds already has. He reviewed 2,500 jobsIn the year