Lloyds Banking Group considers dismissing thousands of staff
Britain’s Lloyds Banking Group is reviewing around 3,000 employees, roughly the bottom 5% of its workforce, for potential dismissal as CEO Charlie Nunn pursues cost-cutting measures.
About half of these employees are expected to lose their jobs unless their performance improves. The bank, which has 63,000 staff, has no fixed target for layoffs, News.Az reports, citing Reuters.
Lloyds has also reduced its high street presence, announcing in January the closure of 136 branches, though it said this would not directly cause job losses. Employee departures have slowed to an annual rate of 5%, compared to the historical average of 15%.
A Lloyds spokesperson said the bank is transforming its business to embed a high-performance culture, placing underperformers on “structured support” plans before dismissals are considered.
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