Bank Cuts up to 25% of Staff

Lloyds International is cutting up to 25% of its staff in the Isle of Man.

While these redundancies affect c120 of its c400 employees on the island, Lloyds Bank International says it remains fully committed to the island.

 A spokesman said: ‘As customers increasingly use the online or mobile channels, where they can self-serve at a time and place which is convenient to them, this has reduced the work in its Isle of Man PhoneBank and Payments Centre.

‘As a result, Lloyds Bank International announced today a number of changes to its Operations, Telephony and Payments teams, which will see Lloyds Banking Group’s central teams based in mainland UK undertake some of the Islands’ transactional processing and servicing activity subject to the completion of the various regulatory approvals.

 ‘There is no immediate customer impact at this time.’

 Alasdair Gardner, Islands Director, Lloyds Bank International, added: ‘Regrettably change does mean making difficult decisions, and the changes announced today reflect our ongoing plans to continue to make parts of our business more efficient and meet the changing needs of our customers.

‘We always look to redeploy wherever possible, with colleagues given access to a package of training and support designed to help them secure their next position whether within or outside the Group. We remain fully committed to the Islands and the Isle of Man specifically, with our planned move into Villiers House expected during 2021 an example of our ongoing commitment.’

Last year the bank announced its move from Victory House on Prospect Hill to Villiers House on the corner of Victoria Street and Loch Promenade.