(Reuters) -More than 2,500 jobs are at risk at Lloyds Banking Group, which is set to become the latest financial institution to announce cost cuts, the Guardian reported on Friday, citing sources.
Britain’s biggest mortgage lender is understood to be considering axing a series of middle-management roles including analysts and product managers as part of a consultation that is expected to be shared with staff next week, the report said.
Lloyds did not immediately respond to a Reuters request for comment.
While 2,500 roles are being reviewed – equivalent to one in 20 of the total – the management hopes that the number of jobs being cut will be lower, the report added.
The bank is expected to create a net 120 UK jobs at the end of the process, but was changing the focus of certain roles, the report said, citing a source familiar with the matter.
Most British banks, including Lloyds, have reported a run of strong profits as higher rates lifted lending revenue. But investor concerns about tougher competition for savers’ cash and potential loan defaults amid a cost-of-living crisis are weighing on the sector.
The report on the cuts at Lloyds comes after Reuters reported on Thursday that Barclays is working on plans to save up to 1 billion pounds ($1.25 billion), which could involve cutting as many as 2,000 jobs.
(Reporting by Gursimran Kaur in Bengaluru; Editing by Devika Syamnath)
