Britain’s biggest high-street bank Lloyds is putting around 2,500 jobs at risk as part of a shake-up, a source familiar with the matter told Reuters, amid a renewed push by lenders to cut costs.
Lloyds is set to begin consultation with staff in a number of roles, including analysts and product managers, the source said, adding that many would go through a selection process and it was unclear how many would ultimately be cut.
Staff are expected to be briefed on the process as early as next week, the source said, adding that it would also involve the creation of 120 roles.
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The Guardian first reported on the process.
“We are evolving and transforming our business to ensure we can do more for our customers and deliver the products and services they need,” a Lloyds spokesman said, adding that the bank was reviewing how teams worked without drawing up potential cuts.
The news comes after Reuters reported on Thursday that Lloyds rival Barclays was working on plans to save up to 1 billion pounds ($1.25 billion), which could involve cutting as many as 2,000 jobs.
Read also | Lloyd’s Register withdraws certification of Indian carrier importing Russian oil: Report
Most UK banks reported strong profits as higher rates boosted lending income. But investor concerns about tougher competition for savers’ cash and potential loan defaults amid a cost-of-living crisis are weighing on the sector.
Disclaimer: This story was published by a wire agency feed without modifications to the text.
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Updated: 25 Nov 2023, 07:18 IST