Thousands of jobs in the banking sector are potentially at risk, with Barclays and Lloyds Banking Group planning to restructure in some departments.
Barclays is reportedly working on plans to cut up to 2,000 jobs in compliance, HR and legal roles, while Lloyds Banking Group is undertaking a skills review which could potentially affect 2,500 jobs.
According to Reuters, Barclays is planning a £1bn cost-cutting drive which could see 1,500 to 2,000 jobs go if its plan is executed in full.
The main division expected to be affected is Barclays Execution Services, a central support function for its UK banking and international operations that was created in 2017 to remove duplication.
It is expected to outline the plans in full when it announces its full-year results in February.
Elsewhere, reports have suggested that Lloyds Banking Group has put 2,500 jobs at risk, including middle-management roles in analyst and product management areas, as part of a skills review that could see the nature of some roles change. However, the bank also expects to create a further 120 new UK jobs at the end of the process.
A Lloyds Banking Group spokesperson said: “We are evolving our business to ensure we can do more for our customers and deliver the products and services they need. To achieve this, we’re delivering one of the largest transformations in UK financial services which includes reviewing how our business and technology teams work together effectively to deliver on our strategy and long-term growth.”
Lloyds Banking Group this year recruited 1,000 people into data, tech and cyber roles, including through graduate and apprenticeship routes.
Barclays has been contacted for comment.
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