Lloyds' Digital Shift Threatens 2,500 Jobs
Lloyds Bank, Britain's largest high street bank, is reportedly planning a shake-up that could put around 2,500 jobs at risk as part of cost-cutting measures. The bank is expected to begin consultations with staff in various roles, including analysts and product managers, with the possibility of a selection process to determine the final number of job cuts. Lloyds' move follows a similar plan by rival Barclays to save up to £1 billion ($1.25 billion) and potentially cut 2,000 jobs. The banking sector is facing challenges from increased competition and concerns about potential loan defaults amid a cost-of-living crisis.
