LONDON, Nov 24 (Reuters) – Britain’s biggest high street bank Lloyds (LLOY.L) 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 slash costs.
Lloyds is poised to begin a consultation with staff in a number of roles, including analysts and product managers, the source said, adding many would go through a selection process and it was unclear how many would ultimately be cut.
Staff are expected to be informed of the process as early as next week, the source said, adding it would also involve the creation of 120 roles.
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 spokesperson said, adding the bank was reviewing how teams worked without elaborating on potential cuts.
The news comes after Reuters reported on Thursday that Lloyds’ rival Barclays (BARC.L) is working on plans to save up to 1 billion pounds ($1.25 billion), which could involve cutting as many as 2,000 jobs.
Most British banks have reported a run of strong profits as higher rates lifted lending revenue. But investor concerns about tougher competition for savers’ cash and potential loan defaults amid a cost-of-living crisis are weighing on the sector.
Reporting by Iain Withers and Lawrence White in London and Gursimran Kaur in Bengaluru; Editing by Devika Syamnath and Hugh Lawson
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