EMCC European Monitoring Centre on Change

Lloyds Banking Group

Company/Organisation:
Lloyds Banking Group

Geographic Location

Country: United Kingdom
Location of affected unit(s): United Kingdom

Company

Sector: Financial services
Financial and insurance activities
64 - Financial service activities, except insurance and pension funding
Number Employed: 90000

Employment Effects

Announcement Date: 28-10-2014
Planned Job Reductions min: 9000
Planned Job Reductions max: 9000
Type of Restructuring: Internal restructuring
Foreseen End Date: 28-10-2017
Planned Job Creation: 170

Additional Information

Lloyds Banking Group has announced a further wave of job losses and branch closures. 9,000 jobs are to be cut and the group will reduce its number of branches by 150. The cuts represent approximately ten per cent of the workforce and come after previous job losses in recent years. The exact timetable for this latest round of job cuts is not known definitively, but the reductions will be carried out over the next three years.

Cuts will be made first in urban areas. The previous policy of keeping one branch per town open will no longer apply. The Unite union has called on Lloyds to offer a guarantee of no compulsory redundancies.

The Unite union estimates that, prior to the latest announcement, over 30,000 jobs have been lost at the banking group since 2008. The BBC reports figures of 43,000 for the same period.

Update 26/11/2015: In November 2015, Lloyds announced the latest round of job cuts as part of its target to reduce 9,000 jobs. The latest cuts will see around 1,000 jobs go. It is thought that since the job cuts were announced in November 2014, over 2,000 jobs have already been cut.  

Update 03/02/2016: In February 2016, Lloyds announced further information on where the next round of closures and job cuts would be applied. The announcement also contains details of new job creation which will occur in retail and commercial banking and in the company's legal team. 

Update 30/06/2016: In June 2016, Lloyds announced details of branch closures and job losses which form part of its plan to cut 9,000 jobs from the business. It announced details of 23 closures and 640 job losses. The net reduction from this restructure will be 525 jobs, as 115 new positions will be created. This latest round of closures is due to take effect by end of October 2016. 

Update 12/10/2016: In October 2016, Lloyds announced the latest round of cuts which form part of its plan to reduce staff by 9,000. 1,230 jobs are reported to be earmarked for this latest set of cuts. 

Update 05/04/2017: In April 2017, Lloyds announced details of 100 branches which are due for closure between July and October 2017. This latest part of the restructure will result in a net loss of 325 jobs, which includes the creation of 96 new roles. The 100 branches are from across the banking group with 54 Lloyds branches, 22 Halifax branches and 24 Bank of Scotland branches listed in the latest announcement. To offset concerns about the lack of banking facilities in rural areas the group has announced that it is increasing its mobile van use by nine, meaning that by the end of 2017, twenty such vehicles will be in operation.