London-based Lloyd’s plans to cut roughly 730 additional jobs as part of its ongoing restructuring plan, which had been put on hold earlier this year due to the COVID-19 pandemic.
The job cuts will be largely in its technology and retail operations. While the bank intends to create 300 new jobs, it will eliminate more than 1,000. The layoffs won’t go into effect until January, according to a Bloomberg report.
In September, Lloyd’s resumed its restructuring plan by announcing cuts at its wealth and insurance unit, where it had started a joint venture with Schroders Personal Wealth. The bank said it planned to eliminate 800 jobs but would create more than 200, resulting in a net loss of 639 positions, according to Bloomberg.
On Oct. 29, Lloyd’s reported a third-quarter profit of $1.3 billion, but said its outlook remained uncertain, citing the ongoing COVID-19 pandemic and Brexit.
Back in February, Lloyd’s announced that it intended to cut 780 jobs at various branches, citing dwindling business at those locations. The bank employed roughly 63,000 in 2019.
In April, PYMNTS reported that Lloyd’s was working with Google and Microsoft to develop new cloud-based tools to better allow it to compete against online-only FinTechs and banks that have been vying for market share in the U.K. The partnerships are part of Lloyd’s ongoing $3.7 billion initiative to enhance its online banking offerings and services.
Read More: Lloyd’s Bank To Cut 730 Jobs In January