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Lloyds Banking Group to Put Thousands of Jobs at Risk Amid Restructuring Plans
Lloyds Banking Group is preparing to announce a sweeping restructuring programme that could put thousands of staff at risk of losing their jobs, raising fresh concerns about employment security within the UK’s financial sector.
The bank, which employs more than 60,000 people across the UK, is reportedly reviewing its operations as part of a wider cost-cutting drive and a push towards digital banking. Sources close to the matter suggest that traditional branch roles and back-office positions are most at risk, as customer behaviour continues to shift towards online and mobile services.
A spokesperson for Lloyds confirmed that a consultation process is under way but stressed that no final decisions have been made. “We are constantly evolving to meet the changing needs of our customers. While this means some roles will be affected, we are committed to supporting colleagues through these changes and, where possible, redeploying them into new positions within the group,” the statement read.
The news comes amid a wider trend in the UK banking industry, where major lenders such as Barclays, NatWest, and HSBC have also announced job reductions over the past year. Analysts point out that digital transformation, rising operating costs, and economic uncertainty have combined to accelerate the sector’s shift away from physical banking networks.
Unions have condemned the move, warning that staff morale and customer service will be damaged. “This is yet another blow for loyal workers who have served their communities for years,” said a representative of Unite the Union. “We will be pushing Lloyds to avoid compulsory redundancies and to provide meaningful redeployment opportunities.”
The potential job cuts highlight the growing tension between efficiency drives in banking and the human cost of technological progress. While Lloyds has reaffirmed its commitment to investing in digital platforms, employees now face an anxious wait to see whether their roles will survive the shake-up.
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Article written and configured by Christopher Stanley
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