About 175 permanent positions within the bank’s risk division and associated roles are at risk. However the restructuring is anticipated to generate around 130 new roles
Lloyds Banking Group is overhauling its risk management team to accelerate its transformation efforts, with a senior executive highlighting that current processes are overly time-consuming and impede the company’s progress, recent reports reveal.
The revamp could lead to job cuts but also the creation of new positions in different areas. An internal memo from last month, penned by Chief Risk Officer Stephen Shelley and obtained by the Financial Times, informed employees that Lloyds is “resetting our approach to risk and controls”.
Shelley pointed out that two-thirds of executives see risk management as an obstacle to strategic transformation, while less than half of the staff feel that “intelligent risk-taking is encouraged”, the reports indicate. Accord union, representing roughly 22,000 Lloyds and TSB staff, disclosed that Shelley conveyed to the workforce last month the necessity to confront issues that slow down or hinder achieving desired outcomes.
According to the union, significant alterations in the bank’s risk management strategy have put some jobs immediately at risk of redundancy. Approximately 175 permanent positions within the bank’s risk division and associated roles are at risk due to these changes.
However, the restructuring is anticipated to generate around 130 new roles that will concentrate on specialist risk and technical expertise. A spokeswoman for Lloyds has said that the bank is making headway on its transformation strategy, which it has been implementing for over two years.
This plan involves increasing the group’s efficiency and accelerating its digitisation process. The bank 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.”
“Where that is unfortunately the case, we will do everything we can to support them with the changes recently announced. In this case, there are around 45 role reductions, after new roles being created are factored in.”
