Restructuring events
European Restructuring Monitor (ERM)
The restructuring events database contains factsheets with data on large-scale restructuring events reported in the principal national media and company websites in each EU Member State. This database was created in 2002.
Lloyds Banking Group has announced that it would cut 450 back office roles and promised to compensate for the job losses by creating 255 new positions, which brings the total job loss in this wave of reductions to 195. The company’s statement said the aim of the redundancies was to increase productivity and respond to 'changes in customer behaviour'. Representatives of Unite the Union and Accord said they were very disappointed by the announcement but were ready to support the affected employees in the statutory consultations with trade unions.
This is the third wave of job reductions at Lloyds; in 2018,930 job cuts were announced in February and 1,230 in April.
Eurofound (2018), Lloyds Banking Group, Internal restructuring in United Kingdom, factsheet number 94564, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/94564.
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