Lloyds Banking Group PLC ADR (NYSE:LYG) is a company that focuses in the delivery of financial and banking services. It undertakes its operations through three segments namely commercial, retail banking and insurance and wealth. It was today that the business guru spoke in relation to its move to slash its workforce.
Current state of affairs
The business guru outlines that that it will cut down about 6000 jobs. It also intends to add about 8,000 new roles. This happens to be part of its plan to make an investment of almost 3 billion pounds.
The job cuts will affect a broad range of areas in the bank according to some trusted sources. An official working with the business giant has mentioned some of them. They include the corporate banking, the group transformation division and the retail and community banking activities.
Reports show that the bank will make the pronouncement about the 8,000 new jobs on Tuesday. Market observers have applauded the company for the move to come up with the new jobs. They term it a remarkable way to create fresh employment opportunities. The company says that the portion of its staff that will be affected by the move will have a second chance. They will just have to drop their applications for the roles the company will have created.
A closer outlook
In one of its statements, the company asserted that it had gotten to a point of realizing the significant need for reorganization. It also spoke in relation to the statement it made way back in February regarding its investment plans. It draws a close link between this particular re-organization and the investment plan.
The re-organization seems more concentrated on the staff of this company. The business says that it will be a part of the rising popularity of digital banking. The bank acknowledges the difficulties of rising to the pinnacle in an industry characterized by stiff business competition.
However, it exudes confidence that with proper strategies and proper restructuring activities it will succeed.
The news has taken quite a significant number of employees by surprise with most of them criticizing the move. The company wishes them the best.