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Investing.com -- Lloyds Banking Group (LON:LLOY) plans to put approximately 3,000 employees at risk of dismissal as part of a performance management overhaul, according to a Financial Times report published Thursday.
The British lender is targeting workers identified as being among the bottom 5% of performers across its 63,000-strong workforce.
These employees will reportedly be informed that they must improve their performance or face termination.
The new approach was discussed during a recent meeting of the bank’s group executive committee, the report said, citing unnamed sources familiar with the matter.
This performance management initiative comes as CEO Charlie Nunn enters the final phase of his strategic plans aimed at reducing costs and diversifying income sources at the UK banking giant.
The move represents a significant shift in how Lloyds manages employee performance across its operations.
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