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UK – Lloyds Banking Group overhaul to impact thousands of jobs (BBC News)

06 November 2018

UK-based Lloyds Banking Group has confirmed that it is cutting 6,240 jobs and creating 8,240 new ones as it overhauls its digital services, reports BBC News. Lloyds said that 75% of the new roles would be filled by existing staff, but that some specialist roles such as data scientists would be filled externally. The banking group said that its branches will be unaffected but its site in Gillingham will close. Lloyds has been reorganising as more people bank online, rather than in branches. This year it earmarked more than 60 branches for closure, while in 2017 it closed 54 Lloyds branches, 24 from its Bank of Scotland brand and 22 belonging to the Halifax brand. The group added that some existing jobs would be refreshed and some new ones created, with staff being retrained. "This (revamp) forms part of the £3 billion commitment the group has made to invest heavily in its technology and people over the course of its three-year strategic plan,” Lloyds stated.