Lloyds Bank Restructures: 175 Jobs Cut Amid Risk Division Shake-up
April 12, 2024Lloyds Banking Group is implementing a major transformation strategy in its risk management division.
The strategy involves a reduction of 175 jobs, coupled with the creation of new positions in different sectors.
CEO Charlie Nunn is prioritizing operations streamlining and profit enhancement, with an emphasis on wealth management and insurance offerings.
The restructuring is set against a backdrop of regulatory examination of Lloyds' motor finance branch and its prospective fiscal repercussions.
The union for Lloyds' employees is voicing concern over the implications of diminishing risk management safeguards.
Summary based on 6 sources
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Sources
The Telegraph • Apr 10, 2024
Lloyds cuts risk management roles in bid to 'move at greater pace'The Independent • Apr 10, 2024
Lloyds shakes up risk management team in bid to speed up transformationExpress.co.uk • Apr 10, 2024
Lloyds to axe 175 jobs as bank says risk management is 'blocking progress'