Thousands of Lloyds Banking Group staff at risk of losing jobs in push for ‘high-performance culture’
Thousands of Lloyds jobs at risk as bank launches ‘high-performance’ strategy
- Lloyds Banking Group plans to implement a new strategy aimed at fostering a high-performance culture and managing staff turnover.
- Approximately 3,000 employees, identified as the lowest-performing 5 per cent of its 61,200-strong workforce, will be at risk of losing their jobs.
- The group does not intend to make overall job cuts; instead, underperforming staff who do not improve after receiving structured support will be replaced.
- This initiative aims to address the bank's low staff turnover rate, which currently stands at about 5 per cent annually, compared to a historical average of closer to 15 per cent.
- A Lloyds spokesperson confirmed the focus is on "transforming our business" and embedding a high-performance culture, aligning with wider industry practices and recent financial sector reforms.