Wealth Manager - the site for professional investment managers

Register to get unlimited access to all of Citywire’s Fund Manager database. Registration is free and only takes a minute.

Lloyds' wealth arm caught in fresh jobs cull

Lloyds' wealth arm caught in fresh jobs cull

Lloyds' wealth and international arm has been caught up in a fresh round of job cuts confirmed by the bank.

In a brief statement the state-backed lender confirmed another 940 posts would be axed across the group, with the cuts sweeping in its wealth management arm, commercial advisers, pensions and insurance operations.

The cuts come after some 360 job losses were announced earlier this week. The losses within the high net worth could surprise many given Lloyds' decision to push into the wealth space and shake up its advice offering post the retail distribution review.

According to a statement, all staff involved in the latest cull have been briefed by their line managers, though it is not known how many individuals will leave from each of the divisions identified by the bank.

Lloyds was quick to reassure, however, and said the changes formed part of its previously announced strategic review.

Leave a comment!

Please sign in or register to comment. It is free to register and only takes a minute or two.
Citywire TV
Play JPM’s Negyal: Back divis to temper EM volatility

JPM’s Negyal: Back divis to temper EM volatility

Omar Negyal, co-manager of the JPMorgan Global Emerging Markets Income trust, says a dividend approach to emerging markets reduces the volatility of investing in the asset class.

Play WMR: Why Russia will lose this war

WMR: Why Russia will lose this war

Author and journalist Adam Lebor believes a perfect storm is brewing when it comes to the Russian economy. .

Play WMR: Gerard Lyons warns Asia is the real risk, not Russia & Ukraine

WMR: Gerard Lyons warns Asia is the real risk, not Russia & Ukraine

Chief economic adviser to London mayor Boris Johnson outlines the geo-political risks in Asia and explains why the risk of another eurozone crisis must not be underestimated.

Your Business: Cover Star Club

Profile: The adviser that tempted Robin Minter-Kemp on board

Profile: The adviser that tempted Robin Minter-Kemp on board

It is rare to meet an impassioned individual who is willing to bang the drum for investment advisory right now

Wealth Manager on Twitter