Business

Bristol Jobs At Risk As Lloyds Bank Plans To Axe 6,000 Roles And ‘Create 8,000’ New Ones

Lloyds Banking Group employs thousands of people in Bristol.

Lloyds Bank is planning to axe 6,000 jobs in a bid to restructure its business to focus more on digital technology.

In exchange, it plans to create 8,000 new roles as part of a £3billion overhaul which will be announced today, Tuesday 6 November.

Sky News reported that the cuts will spread across the bank in divisions like retail and corporate banking. New jobs will be in digital services.

Staffs whose jobs are being axed will be given the opportunity to reapply for the new roles.

Job losses are not expected to include high street branches, but will likely be concentrated in Lloyds’ offices around the UK.

Lloyds Bank announced plans to close 15 branches in September, including Bristol’s Whiteladies Road branch, which will be shut down in March 2019.

However, they are also creating new roles as the bank’s tech and digital division continually grows. They also plan to invest more in the training of staff in this area.

A Unite spokesperson said: “Unite will scrutinise the detail of the announcement when it is made. Our priority will be to press the company to ensure there are no compulsory redundancies.”

The bank’s revenue also increased in the three months to September to £4.7billion – up from £4.6billion in September 2017 – but profit before tax slid seven per cent to £1.8billion.

Lloyds Bank has declined to comment.

 

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