US EditionLloyds 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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Total News Sources25
Leaning Left6Leaning Right3Center7Last UpdatedBias Distribution44% Center
Bias Distribution
- 44% of the sources are Center
44% Center
L 38%
C 44%
R 19%
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