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Latest Lloyds cuts halve staff count since GFC

The latest round of staff cuts at Lloyds Bank have lowered staff numbers to half what they were before the Global Financial Crisis.

It was announced yesterday that a total of 6,000 staff at the bank will be made redundant, adding to the 65,000 workers pushed out since 2009.

The cuts are expected to be predominantly in back office roles and will see the bank continue its digitisation plans.

Two thousand jobs are expected to be created as part of the bank’s £3bn programme to boost the digital transformation.

A new strategic partnership for the bank with asset manager Schroders has seen it scrap long-held plans for expand into robo-advice, however.

Speaking last month, Lloyds chief executive António Horta-Osório said that the joint venture initiative with Schroders demonstrates Lloyds’ focus on expanding its financial planning and retirement businesses.

Will Lloyds and Schroders’ march on the advice market work?

The bank said in February that it was looking to increase its financial planning and retirement open book assets by more than £50bn and that it was eyeing one million new pension customers by 2020.

Divisions of Lloyds are currently among the most complained about providers across investments, insurance and pensions, according to the latest FCA complaints data.

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