Internal restructuring
United Kingdom
Location of affected unit(s)
Financial Services
Financial And Insurance Activities
Financial Service Activities, Except Insurance And Pension Funding
64 - Financial service activities, except insurance and pension funding

6,240 jobs
Number of planned job losses
Job loss
8,240 jobs
Number of planned job creations
Job creation
Announcement Date
6 November 2018
Employment effect (start)
Foreseen end date


Lloyds Banking Group has announced plans to create 8,240 jobs as part of a move to revamp the services it offers to its customers. The new jobs will be part of a move to greater online provision for the bank and will also see the loss of 6,240, meaning a net increase of 2,000 jobs. The bank has undergone a seriesof restructurings in recent times and has closed many high street branches. The latest announcement will not affect any high street branches, though a site in Gillingham will close. Workers will be retrained to fill the new positions and it is anticipated that the bank will be able to fill three-quarters of the new roles with existing staff members. As of November 2018, there is no information on the timeframe for this latest restructuring.

A spokesperson for the Unite union raised concerns with yet another restructuring, arguing that this would lead to lower staff morale. The spokesperson also urged the bank to minimise compulsory redundancies and ensure that staff who are retained receive the proper training and support in order for them to be able to undertake the new roles.



Eurofound (2018), Lloyds Banking Group, Internal restructuring in United Kingdom, factsheet number 95943, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/95943.