Lloyds Banking Group (LBG) has decided to suspend all job cuts until October this year in the wake of the Covid-19 pandemic, City A.M. has reported.

The bank has not only decided to suspend new job cuts but also retain the staff already going through the redundancy processes.

Go deeper with GlobalData

Data Insights

The gold standard of business intelligence.

Find out more

Initially, Lloyds Bank suspended staff exits on a rolling monthly basis in April and May 2020, the report added.

The bank, however, told the media group that it has decided to postpone all involuntary staff exits until October 2020.

A spokesperson for Lloyds Bank said: “We have made a number of commitments to our colleagues to address their concerns during the current crisis, including continuing to pay them in full regardless of their working circumstances.

“We have also pledged that any colleague placed on notice of redundancy will not leave the group before October.”

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

In February this year, Lloyds Bank planned to axe 780 jobs across UK branch network as more customers move to online banking.

Banks around the world are taking several measures to keep their businesses afloat during the ongoing crisis.

The measures include suspending job cuts since the pandemic is impacting the markets and businesses.

Last month, Barclays decided to temporarily suspend new layoffs in wake of coronavirus outbreak.

In March, Royal Bank of Canada (RBC), British challenger bank Virgin Money, and many other banks in the US and Europe decided to suspend scheduled job cuts.