Britain’s biggest high street lender will this week announce plans to create 8,000 jobs as part of a £3bn transformation and technology investment programme.
Sky News has learnt that Lloyds Banking Group will announce on Tuesday that it is cutting around 6,000 existing roles but establishing approximately 8,000 new posts, leading to a net jobs creation figure of around 2,000.
The reorganisation will form part of a three-year strategy announced in February that involves a multi-billion pound outlay on digitising its infrastructure and the range of services it offers to customers across its banking, insurance and pensions operations.
Sources said on Monday that the 6000 existing jobs being cut would come from a broad range of areas across Lloyds, including its group transformation division, corporate banking, retail and community banking activities.
The 8,000 new roles‎ are understood to focus on areas of digital expansion including in the group transformation unit, reflecting the changes taking place across the banking industry.
Unions are understood to have been briefed on the plans, which will see staff in the 6,000 affected posts given the opportunity to apply for one of the new roles.
The changes will be the latest in a long series of jobs announcements made by Lloyds since it was created by the merger of HBOS and Lloyds TSB‎ during the 2008 banking crisis.
Lloyds has cut tens of thousands of jobs over the last decade as it has sought to make itself run more efficiently.
Lloyds has cut tens of thousands of jobs over the last decade as it has sought to make itself run more efficiently under the leadership of Antonio Horta-Osorio, its Portuguese chief executive.
More than 90% of those job reductions have come from natural attrition or voluntary redundancies, according to previous statements from Lloyds.
The bank was bailed out with more than £20bn of taxpayers’ money, but that was subsequently repaid, with the government eventually selling the last of its shareholding in 2017.
Mr Horta-Osorio has been in charge since 2011, and faced questions in February about whether he would see through the entirety of the three-year strategy which runs until the end of 2020.
Declining footfall in bank branches and the explosion in digital banking, led by both high street players and a crop of start-up rivals, are changing the shape of the banking industry.
Lloyds, which is the biggest digital bank in the UK with more than 14 million customers, is also seeking to expand its business in other areas.
It recently agreed a broad partnership with Schroders, the asset management giant, to take the bank into new areas of wealth advice, and has grown its credit card business with the takeover of MBNA.
Mr Horta-Osorio is widely regarded as having done an effective job steering Lloyds through dangerous financial minefields including the payment protection insurance scandal, which has cost it close to £20bn.
However, its shares have suffered during the last year, partly as a result of gloomy sentiment about the post-Brexit prospects of a bank almost solely focused on the UK economy.
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Unfortunately, it’s the kind of conversation that seems to happen from time to time. A church leader will just need someone to talk to and as God allows it, the conversation will unfold like this…
It begins with a description of a truly difficult situation in which the leader feels the urge to flee – find somewhere else to go, or even worse, find something else to do. Sometimes the person has called simply to say, “If you know any churches needing a worship leader…” and you know the rest of that sentence.
Since I don’t claim to have all that much wisdom for situations like that, I mostly just listen. But, usually I’ll throw this thought in somewhere along the way
I happen to believe that sometimes God puts us right in the middle of hard things – not just to test us. He does it to grow us. I’m afraid the tendency to flee could actually lengthen the test. As one of my preacher heroes told me once, “You never fail God’s tests – He just keeps giving them to you until to learn what He wants you to learn.”
We all live ministry in concentric circles – the largest circle is our congregation and community, the next one in is the circle of influence of leaders we lead, and the smallest is our own family. In hard seasons, have the personal discipline to focus on the smallest circle. If you are winning there, other challenges are quickly put in the right perspective. Don’t let the pressure of difficulty in the larger circles affect the one you have the most responsibility to lead.
The process of beginning a new ministry is exciting and full of expectations. Sometimes a year or two in, reality takes the place of romanticized expectations and leaves us disappointed and disillusioned. Why not create a new set of expectations now informed by your own perspective and experience instead of living with the tension of unmet – and unrealistic –expectations?
When you feel disconnected from the vision of your pastor or church leaders, press in even harder to your first love through your walk with Christ. Pursue intimacy with him in what you are reading, in your prayer life, and in your personal moments of reflection. Resist spiritual arrogance and isolation – those are just other forms of fleeing. But, in true humility, make communion with him the goal of your life. Instead of running away, run to him. This circumstance may be the very way God is teaching you how to pray – and how to trust him.
It is easy to feel overwhelmed when you feel like you need to flee. Instead of spinning your thoughts over and over on every single problem – no matter how big they may seem – identify the one or two things you could be doing right now that would help. You can’t change the circumstance that has brought your anxiety. But, you can identify the one or two things that need to be done and that you can do now.
What is right in front of you? What is the step you could take right now that would help in some small way? Don’t let disillusionment paralyze you. With God’s help, identify next steps and do them.
Seasons of challenge come to everyone in ministry. Learning to slow down and let the moments come as God allows them while you maintain a posture of trust will allow each season to have God’s divine intended affect on your life.
If you flee without learning the valuable lessons that come in these challenges, you will take them with you into the next place of ministry and the lesson will start all over again.
I am in my 41st year of worship ministry at my church and I have felt like fleeing a number of times. I came to the realization years ago in my moments of frustration and disappointment that most of the time the problem boiled down to me. I was not leading, loving, planning or communicating well. If I left my church, the same problems would eventially be facing me at the next one because the same old me would be there. Better to stay and ask God to make and mold me through the difficult times. After 41 years I should be “practically perfect in every way”! Ha! Far from it!