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PRIVACY
Professional Services

Lloyds Banking Group places thousands of jobs in tech division under review

The FTSE 100 bank told some 6,000 tech and engineering staff on Wednesday that their jobs may be at risk of redundancy as it overhauls the structure of the business and creates new roles designed to accelerate technology development, City AM understands

Lloyds Bank has millions of customers in the º£½ÇÊÓÆµ(Image: Joe Giddens/PA Wire)

Lloyds Banking Group has launched a comprehensive review of numerous positions within its IT segment, with the aim of reinforcing its engineering capabilities and updating its digital banking services, according to insights from City AM.

In a move disclosed to roughly 6,000 technology and engineering employees on Wednesday, the organization indicated that their roles could be in jeopardy amid a revamp of business structures and the introduction of new positions focused on expediting tech advancements—a process understood by .

It is anticipated that a four-week review will follow, after which personnel will receive confirmation of their status within the reorganized ensemble. The entire cohort of 6,000 individuals will undergo evaluation, either to be integrated into novel roles or released from the company.

Despite these potential redundancies, plans are set to increase the workforce of the team by approximately 1,200 members, ostensibly enhancing domestic tech and engineering prowess, as per a company spokesperson's statement.

"Making changes means not only creating new roles and upskilling colleagues but also saying goodbye to talented people who have been part of the group’s success in the past," stated the representative to City AM, adding, "Where that is the case, we will do everything we can to support them with the changes recently announced."

Lloyds Banking Group underlined that this strategic transformation is designed to build a "highly skilled workforce" well-equipped to spearhead the company's advance into digital banking.

Lloyds Banking Group is pursuing a comprehensive overhaul which commenced three years ago, focusing on cost management and modernisation strategies.

The ongoing revamp of its technology division is a key aspect of its initiative to enhance digital services, under the ‘Platform 3.0’ scheme.