Lloyds is laying off 300 engineering staff under a restructuring programme that will see existing jobs repurposed as 'new' roles.
The restructuring is part of Lloyds’ broader transformation strategy, which has been underway since 2022. The bank’s ‘Platform 3.0’ initiative is designed to bolster digital services, increase efficiency, and maintain a competitive edge against emerging fintech firms.
Last October, the bank introduced mandatory testing for the engineering, architecture and technical job families. Over the past week, approximately 6,000 employees in the bank’s tech and engineering teams have been informed that their roles could be impacted by the ongoing structural changes.
The bank has said that the overhaul will lead to the creation of 1200 'new' roles.
The internal labour union BTU has branded the initiative as a "sneaky" plot to strip workers of their existing employment rights.
"Let’s be clear, these are not ‘new’ roles in the traditional sense of the word. They are 1200 existing roles which have been given different names and put into new job family groups," states the union.
"Why is Lloyds adopting this approach? Pretending they are ‘new’ roles allows Lloyds to force staff to accept new working arrangements. Many of the staff offered one of these ‘new’ roles will have to decide between their flexible working arrangements, which may have been in place for many years and agreed with Lloyds previously, or having a job. It’s part of the Bank’s strategy of getting rid of flexible working in key parts of the business."
The 300 engineering roles up for redundancy will be offshored to the Lloyds Technology Centre in India.
The latest move comes just a month after Lloyds announced plans to close its conttact centre in Liverpool and another major site in Dunfermline, impacting almost 2000 staff.