Strategy
UK Lender Trims Wealth Management Jobs

This publication understands that 24 roles in its wealth operation will be cut. Across the group, 930 roles are cut but 465 new ones have been created.
Lloyds
Banking Group is shedding 24 jobs in its wealth management
arm, against a background of planned cuts of 930 roles and create
465 new roles within commercial banking, chief information
office, risk, community, banking, insurance and wealth
operations. In net terms, 465 roles are being axed by the
UK-listed lender.
The cuts were made ahead of the introduction of a new three-year
strategy from Lloyds, which will be unveiled when it releases its
full year results on 21 February.
“This process involved making difficult decisions, and we are
committed to working through these changes in a careful and
sensitive way. All affected employees have been briefed by their
line manager. Accord and Unite were consulted prior to this
announcement and will continue to be consulted. The group’s
policy is always to use natural turnover and to redeploy people
wherever possible to retain their expertise and knowledge within
the group. Where it is necessary for employees to leave the
company, we will look to achieve this by offering voluntary
redundancy. Compulsory redundancies will always be a last
resort," A spokesperson for the Lloyds Banking Group
said.
In November 2016, this publication
reported that UK private banking group Coutts had invited
staff to apply to voluntary redundancy as part of an efficiency
drive that was targeting a reduction of around 5 per cent of a
workforce of about 1,600 people.