Lloyds Banking Group To Remove Around 1,600 Roles Across Its Branch Network; Says Net Result Of Changes Will Be Cutting Around 769 Job Roles; Lloyds To Create Around 830 Roles In Its Expanded Relationship Growth Team
Portfolio Pulse from Benzinga Newsdesk
Lloyds Banking Group is set to eliminate approximately 1,600 positions across its branch network. However, the company plans to create around 830 new roles within its expanded Relationship Growth Team, leading to a net reduction of about 769 job roles.
January 25, 2024 | 12:59 pm
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Lloyds Banking Group (LYG) is reducing its workforce by approximately 769 roles after accounting for the creation of new positions. This restructuring could lead to short-term cost savings but may also incur restructuring costs.
The announcement of job cuts at Lloyds Banking Group (LYG) suggests a restructuring effort to improve efficiency. While this may lead to cost savings in the long term, the short-term impact on the stock is likely to be neutral as the market absorbs the news of both job cuts and new hires. The net reduction in workforce could be seen as a cost-saving measure, but the costs associated with restructuring and potential disruptions to operations may offset immediate benefits.
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