LONDON, U.K. - In a move aimed at reducing costs and shifting its focus on digital initiatives, Britain's biggest high street bank Lloyds Banking Group announced more layoffs.
As part of its latest round of job cuts, Lloyds said that it is planning to cut 450 jobs, mainly affecting back-office roles.
At the same time, the bank said that it will also create 255 new roles as part of its planned changed.
The changes, especially the new job announcements, came as part of the company’s 3 billion pounds technology investment programme that it laid out in its three-year strategy update unveiled in February this year.
Lloyds said that its new “investment is aimed at new technology and people, equipping teams with the specific skills required to advise and support our customers.”
Meanwhile, in its announcement, Lloyds pointed out that the 450 job cuts would mainly affected back-office roles, and also reassured that it would try to redeploy affected staff where possible.
The lender pointed out that considering it was also creating 255 new roles, it would mean net job losses of 195 roles.
Lloyds stressed in its announcement that the changes will help it “adapt and evolve to support changes in customer behaviour.”
A spokesman for Lloyds confirmed that branch closures were not on the cards and pointed out that the decision was in line with its current strategy.
The spokesman said, “The group's policy is always to use natural turnover and to redeploy people wherever possible to retain their expertise and knowledge within the group. Since 2011, over 90 percent of role reductions have been achieved through a combination of natural attrition, redeployment and voluntary redundancy. Where it is necessary for employees to leave the company, we will look to achieve this by offering voluntary redundancy. Compulsory redundancies will always be a last resort.”
Adding, “Today's announcement involves making difficult decisions and we are committed to working through these changes in a careful and sensitive way.”
This was not the bank’s only move towards overhauling its workforce this year.
Lloyds previously announced it was slashing 1,230 jobs across its branch network and some central functions in April this year.
At the time, Lloyds said that that decision was part of plans to shut a further 49 branches across its Lloyds and Halifax brands between July and October this year.
During the same month, Lloyds said that it was creating 925 roles elsewhere in the business.
The company also said that it was adding another seven mobile branches to its network to offset the closures.
Before that, in February, the lender announced another 465 roles were being cut.
Last year, Lloyds confirmed that it would shut 100 branches, adding that hundreds of jobs will be impacted in the process.
In May last year, the government, which had bailed out the lender during the financial crisis, sold its final stake in Lloyds.