Lloyds to create 8,000 digital banking jobs

Lloyds Banking Group is creating 2,000 new roles as part of an 8,000 job restructure aimed at focussing its operations on digital technology.

The High Street lender is set to cut 6,240 jobs but create a total of 8,240 new roles over the course of the next two years as part of a £3 billion digital transformation plan announced in February.

More than 1,300 roles have already been cut this year as the bank looks to digital banking platforms as the key to staying ahead of challenger banking operations such as Monzo and Starling.

The reorganisation reflects growing demands for digital skills such as artificial intelligence (AI) and data science and will be spread across the group transformation division, corporate banking, retail and community banking, Sky News reported.

Lloyds employees whose roles are cut as part of the restructure will be able to apply for new roles as part of an ongoing skills re-training programme.

The bank said it anticipates that 75 per cent of the new roles will be filled by existing employees, but that some specialist roles such as data scientists and software engineers may have to be recruited externally.

The job losses are likely to be concentrated in specific offices, including the planned closure of the a commercial banking site in Gillingham,Kent.

However, no branches are earmarked for closure at present.

Unite and Accord, the recognised unions for Lloyds’ employees have been consulted on the plans.

Rob MacGregor, national officer at Unite, said: “As the profits stack up for Lloyds, so does the uncertainty for loyal staff who work hard to serve customers. This latest announcement will undoubtedly hit the morale of staff who have had to endure round after round of job cuts, branch closures and constant upheaval.

“The news of additional jobs will prove to be a bitter pill for workers at Lloyd’s Gillingham site closure.

“Unite will be pressing Lloyds to guarantee no compulsory redundancies and ensuring that staff who move into new roles are given the support and skills that enable them to continue delivering the best possible customer service.”

A spokesperson for Lloyds Banking Group said: “Lloyds Banking Group has today announced that it will create an additional c.2,000 roles, as it strengthens its capability to offer customers new leading-edge digital banking products and services.

“The Group is investing to further digitise the bank and will refresh some existing roles and create new roles within its structure, while also providing comprehensive retraining for colleagues to help them build their capabilities to meet the demands of these future roles.

“This forms part of the £3 billion commitment the Group has made to invest heavily in its technology and people over the course of its three year strategic plan.”

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