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Further job cuts could be on the horizon at Lloyds

PUBLISHED: 08:40 25 January 2019 | UPDATED: 16:47 25 January 2019

The Lloyds TSB branch on Unthank Road in Norwich.
Photo: Bill Smith

The Lloyds TSB branch on Unthank Road in Norwich. Photo: Bill Smith

Archant © 2013

Further job losses could be on the horizon at bank Lloyds TSB, after its chief executive refused to deny rumours that more roles could be axed.

The high street lender has cut nearly 10,000 jobs since the government sold off its stake in the lender to take it fully private in May 2017.

Despite having created 8,000 jobs, the company has said the restructuring of its IT systems may result in further redundancies.

MORE: John Lewis restructures maintenance team, affecting more than 450 jobs
Chief executive Antonio Horta-Osorio speaking at the World Economic Forum in Davos, Switzerland:,“I’m not ruling it out. It will depend on customer behaviour. We have to serve our customers, and depending on the way they want to interact with us, we will need more or less people.”

Mr Horta-Osorio said Lloyds delivered 600,000 hours of training last year to employees, a 60% increase from the year earlier, in order to “prepare them for the jobs of today, and especially for the skills they need for the jobs of the future”.

Lloyds, along with other high street stalwarts such as Royal Bank of Scotland, has closed branches and shed jobs to reduce costs and respond to changing habits, with customers banking more online than visiting bricks-and-mortar outlets.

On Wednesday, Santander revealed that it will close 140 branches, putting more than 1,200 jobs at risk, while Barclays announced earlier this month that scores of jobs in Leeds are at risk.

MORE: Santander closes three high street banks in Norfolk

Lloyds is in the midst of a three-year transformation programme and said last year that it will invest £3bn to upgrade its digital baking offering.

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