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Lloyds to Put Thousands of Staff at Risk of Dismissal
Lloyds aims to increase staff turnover from 5% to align with historical averages by putting 3,000 low performers at risk of dismissal to boost efficiency and cut costs.
- The Financial Times reported Thursday that Lloyds Banking Group will place about 3,000 employees at risk of dismissal.
- Facing low turnover, Sharon Doherty argued Lloyds needs higher exits among poor performers, with turnover rate at Lloyds about 5% versus around 15% historically.
- The bank will assess its 63,000-strong workforce to identify underperformers, placing them on structured support programmes and tracking progress using Workday HR software.
- About half of the staff flagged could lose their jobs unless they improve, and earlier this year Lloyds announced 136 branch closures between May 2025 and March 2026.
- Amid a shift to digital banking, branch transactions have fallen sharply with a 48% drop and 10 million fewer branch visits in 2024, following government reforms reintroducing 'informed risk-taking'.
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23 Articles
UK's Lloyds to put thousands of staff at risk of dismissal
Around 3,000 people at Britain's Lloyds Banking Group , judged to be among the bottom 5%, will find themselves considered for possible dismissal, a source familiar with the matter told Reuters, as CEO Charlie Nunn pursues cost cuts.
·United Kingdom
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Total News Sources23
Leaning Left5Leaning Right3Center7Last UpdatedBias Distribution47% Center
Bias Distribution
- 47% of the sources are Center
47% Center
L 33%
C 47%
R 20%
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