Lloyds will reportedly look to hire 700 financial advisers as part of its wealth and investment tie-up with Schroders.
The Financial Times reports the bank’s internal documents show an initial 300 advisers will come on board for the joint venture later this year, with more set to join in due course.
There are also plans to increase assets under management from £13bn to £25bn as part of a wealth management push.
Should 700 advisers join Lloyds, the bank will become one of the largest advice providers in the UK.
Lloyds and Schroders announced they would join forces and launch a financial planning proposition for wealthy clients last October.
At the time, that was expected to launch at the start of 2019 and help Lloyds develop further planning and retirement business.
The firms’ goal to become one of the top three financial planning firms in the UK has seen Lloyds continue to mull plans for robo-advice, while Schroders has taken stakes in a number of advice business and platforms.
These include Benchmark Capital and Nutmeg, which also launched its own flat-fee advice service in November.
The reports of Lloyds’ plans for advice expansion follow figures from November which show the bank has halved its staff count in the last ten years.
The bank announced cuts of 6,000 more staff at the end of 2018 in a bid to boost its digitisation.