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Lloyds Banking Group slashes CIO headcount

Nearly 100 CIOs will leave the group's high street banks, along with other IT casualties

A shot of a Lloyds Bank sign on the side of a building

Lloyds Banking Group has announced huge cut-backs in its IT department, with 250 members of staff set to lose their jobs, 98 of whom will be CIOs.

However, the bank will also take on 150 new members of staff to address customer-focused IT instead, concentrating on the creation of new services that it claims will vastly improve customer interaction via apps and other digital services.

"Last month, Lloyds Banking Group announced 98 role reductions across the chief information office, which takes into account 150 new roles which will be created," a Lloyds spokesperson said in a statement. "These changes are being driven by advances in the technology we use to ensure we respond to our customers' needs in a fast and efficient way."

A total 450 new jobs will be created, however, and existing staff redeployed where possible to make use of the skills and expertise already in the organisation. Those likely to lose their jobs were told about the redundancies at the end of January along with the unions Accord and Unite, Lloyds said.

"This process involved making difficult decisions, and we are committed to working through these changes in a careful and sensitive way," the spokesperson added.

"The group's policy is always to use natural turnover and to redeploy people wherever possible to retain their expertise and knowledge within the group. Where it is necessary for employees to leave the company, we will look to achieve this by offering voluntary redundancy. Compulsory redundancies will always be a last resort."

Lloyds Bank is due to announce its annual results at the end of February, when it will also reveal its three-year strategy for growth.

Main image credit: Bigstock

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