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27 March 2024

Lloyds Banking Group announces significant changes

Risk & Corporate Markets
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Significant changes to financial and non-financial risk management in Lloyds Banking Group

Significant changes have been announced in Lloyds Banking Group today in its approach to financial and non-financial risk management across its business.

Changes have also been announced in Lloyds Bank Corporate Markets. 

All impacted staff have already been briefed by their line management. 

The biggest changes are in the non-financial risk areas across the group with 742 colleagues affected by this change programme. 

287 colleagues have been mapped into existing roles and 10 colleagues will be placed immediately at risk of redundancy as their roles disappear and there are no suitable or reasonable alternative jobs for them. 

445 colleagues have gone through a selection process for 406 new roles but only 278 have been placed leaving another 167 colleagues potentially at risk of redundancy.

In his message to staff today, LBG’s Chief Risk Officer, Stephen Shelley said: 

There’s been some great progress, but we need to do more to allow us to reach the right outcomes for our customers in the quickest and safest way possible.

We also need to face into the things that we know, and our people tell us, slows down or hinders our attempts to reach the right outcomes, and this is something which has been a priority consideration throughout the three lines of defence review.

Accord is committed to ensuring that compulsory redundancies are minimised and that those who leave the business receive the full value of their heritage redundancy compensation terms.

A concern that Accord continues to challenge is LBG’s intention to make appointments to new roles subject to colleagues giving up their compressed hours unless they have a documented and agreed exemption. Our view is that this unwelcome bar should be removed to reduce the number of employees being dismissed. If you’ve been refused a new role because you work compressed hours and can’t or won’t give them up, please get in touch for advice on your individual situation.

*figures rounded by Accord

Supporting members

We’ve contacted all impacted Accord members offering them advice and support at this difficult time and to let them know that we’ll be with them at every stage of this challenging change programme.

Any queries should be referred to [email protected]

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