Lloyds Banking Group's Performance Overhaul
Lloyds Banking Group plans to put approximately 3,000 lower-performing employees at risk of dismissal as part of an overhaul to enhance performance management. This move aligns with CEO Charlie Nunn's strategy to cut costs and diversify income sources, alongside ongoing digital banking transitions.
British financial institution Lloyds Banking Group is reportedly set to put around 3,000 employees, considered in the bottom five percent of performance, at risk of dismissal. According to sources cited by the Financial Times, this strategy is part of a broader overhaul in managing employee performance.
The initiative aims to address underperformance among Lloyds' 63,000-strong workforce. Employees identified as the lowest performers will receive notices to bolster their performance or face potential job loss. Lloyds Banking Group has yet to issue a public statement confirming these moves.
The strategy discussion was held during a meeting of the bank's group executive committee. Concurrently, CEO Charlie Nunn pursues cost reduction and income diversification, following an earlier announcement to close 136 branches to support an emphasis on digital banking.
(With inputs from agencies.)
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