Published On: Wed, Apr 10th, 2024

Lloyds to axe 175 jobs as bank says risk management is ‘blocking progress’ | Personal Finance | Finance

In an attempt to hasten its transformation, Lloyds Banking Group is reorganising its risk management team, according to recent reports. The revamp threatens to make some roles redundant, while new jobs will be created in other sectors.

A company-wide memo sent last month from Chief Risk Officer, Stephen Shelley, revealed that Lloyds is “resetting our approach to risk and controls”. He admitted that two-thirds of executives view risk management as an obstacle to the bank’s strategic transformation.

Less than half the workforce believes intelligent risk-taking is encouraged, the reports disclosed.

Mr Shelley informed Lloyds employees last month that the bank must start addressing the issues which are impeding progress, reported Accord, the union representing around 22,000 staff at Lloyds and TSB.

The changes in the bank’s approach to risk management have put instant threat of redundancy on some jobs. The reorganisation places around 175 permanent roles in the risk division and associated positions at risk.

However, the move is expected to create approximately 130 roles focused on specialist risk and technical proficiency.

A Lloyds spokesperson has confirmed the bank’s ongoing commitment to its transformation strategy, now in its third year.

The strategy aims to enhance efficiency across the group and accelerate digitisation efforts.

Lloyds has stated: “Making changes means not only creating new roles and upskilling colleagues in some parts of the business but also having to say goodbye to talented colleagues who have been a part of the group’s success in the past.”

They added: “Where that is unfortunately the case, we will do everything we can to support them with the changes recently announced.”

The bank revealed: “In this case, there are around 45 role reductions, after new roles being created are factored in.”

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