Lloyds Banking Group has launched a round of voluntary redundancies, inviting staff in a number of divisions to lodge their names on voluntary severance registers, The Times reported on 3 November. No headcount has been given for the programme, and none is claimed here.

Employees who ultimately accept a severance package are set to leave the bank in the first quarter of 2027. It is understood that Lloyds will not accept all redundancy applications, as it seeks to balance employee requests with the operational requirements of the business. No official Lloyds statement on the programme was found at the time of writing, and this report is framed as reported by The Times.

Part of a wider round of banking job cuts

The move comes amid sweeping job cuts across high street rivals. Barclays announced in October that it was cutting 5,000 roles, about 5 per cent of its workforce, and NatWest Group has revealed 1,000 job cuts. Lloyds reported third-quarter pre-tax profits of £2.3 billion, with profits rising 42 per cent to £6.6 billion in the nine months to 30 September.

In August the bank announced it would invest £100 million in skills development, with plans to retrain 20,000 employees as technology changes the nature of work within the group. Staff who are considering the voluntary register should check the terms with the bank and their union before deciding.

Sources: The Times, Lloyds launches redundancy round as rivals make sweeping job cuts, 3 November 2026; FStech via 14:23 run pack.