The Lloyd's shake-up in Britain threatens about 2,500 employment
The source said that the procedure, which would also include the establishment of 120 posts, is anticipated to be communicated to personnel as early as next week.
The announcement follows a Thursday Reuters story revealing that rival bank Barclays (BARC.L), which competes with Lloyds, is developing a strategy to save £1 billion ($1.25 billion), which may include eliminating over 2,000 positions.
In response to fresh pressure from the lender to reduce expenses, the largest high street bank in Britain, Lloyds (LLOY.L), is putting about 2,500 jobs at risk as a blow to the economy, a person familiar with the situation told Reuters. in between.
According to the source, Lloyds plans to begin a consultation with employees in a variety of professions, such as analysts and product managers. Many will need to go through the selection process, and it's not obvious how many will be let go in the end.
The source said that the procedure, which would also include the establishment of 120 posts, is anticipated to be communicated to personnel as early as next week.
The procedure was initially covered by The Guardian.
A spokeswoman for Lloyd's said, "We are evolving and transforming our business to ensure we can do more for our customers as well as offer the products and services they need." Without going into detail about potential cutbacks, he said that the bank was evaluating the teams' operations.
The announcement follows a Thursday Reuters story revealing that rival bank Barclays (BARC.L), which competes with Lloyds, is developing a strategy to save £1 billion ($1.25 billion), which may include eliminating over 2,000 positions.
Since higher rates increased loan income, the majority of British banks reported solid profits. But the industry is being burdened by fierce competition from cash-savering individuals in the midst of a cost-of-living crisis and investor worries about possible loan defaults.
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