Lloyds bank to cut 175 jobs

Lloyds Banking Group have announced they are to cut 175 jobs and they will create new positions in other areas.

The bank will reorganise their risk management team which will lead to some being made redundant which comes after a company wide-memo revealed that Lloyds will rest their “approach to risk and controls.”

The bank are aiming to transform their strategy and enhance their efficiency across the group and move more quickly with their digitisation.

Lloyds said, “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.