EMCC European Monitoring Centre on Change

Lloyds Banking Group

Company/Organisation:
Lloyds Banking Group

Geographic Location

Country: United Kingdom

Company

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

Employment Effects

Announcement Date: 06-11-2018
Planned Job Reductions min: 6240
Planned Job Reductions max: 6240
Type of Restructuring: Internal restructuring
Planned Job Creation: 8240

Additional Information

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 series of 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.

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