© Reuters. FILE PHOTO: Lloyds Bank logo and rising stock graph are seen in this illustration taken March 12, 2023. REUTERS/Dado Ruvic/Illustration/File Photo
(Reuters) -More than 2,500 jobs are at risk at Lloyds Banking Group (LON:), which is set to become the latest financial institution to announce cost cuts, the Guardian reported on Friday, citing sources.
Britain’s biggest mortgage lender is understood to be considering axing a series of middle-management roles including analysts and product managers as part of a consultation that is expected to be shared with staff next week, the report said.
Lloyds did not immediately respond to a Reuters request for comment.
While 2,500 roles are being reviewed – equivalent to one in 20 of the total – the management hopes that the number of jobs being cut will be lower, the report added.
The bank is expected to create a net 120 UK jobs at the end of the process, but was changing the focus of certain roles, the report said, citing a source familiar with the matter.
Most British banks, including Lloyds, have reported a run of strong profits as higher rates lifted lending revenue. But investor concerns about tougher competition for savers’ cash and potential loan defaults amid a cost-of-living crisis are weighing on the sector.
The report on the cuts at Lloyds comes after Reuters reported on Thursday that Barclays is working on plans to save up to 1 billion pounds ($1.25 billion), which could involve cutting as many as 2,000 jobs.
