Bank of Scotland-owner Lloyds to cut and create thousands of tech jobs in ‘Platform 3.0’ shake-up
Reading time: 1 minute
(Credit: George Iordanov-Nalbantov)
Lloyds Banking Group has put thousands of IT jobs under review as it seeks to modernise its digital banking services and compete with fintech rivals.
The bank informed around 6,000 tech and engineering staff that their roles are at risk of redundancy, but will increase by 1,200, City AM reports.
The four-week review will assess all 6,000 staff, with employees either transitioning to newly created roles or being let go. This restructuring is part of a wider, three-year overhaul, branded ‘Platform 3.0’, aimed at managing costs and boosting in-house engineering expertise. The Platform 3.0 plan is expected to grow its technology team.
The move comes as Lloyds, which owns Halifax and Bank of Scotland, shifts towards app-based banking. Last week, Lloyds announced 136 branch closures, citing reduced footfall.
The changes will provide investment in modern tools and automation. A spokesperson commented that the company’s progress is “already delivering benefits”.
While the changes may be uncomfortable, the spokesperson added that the group are “excited about the opportunities ahead” in order “to achieve our growth ambitions and deliver exceptional customer experience”.
Share this article:
Subscribe to our newsletter to not miss articles like this one:
SUBSCRIBE
