back to article Lloyds Banking Group: We're firing 6,240 to hire 8,240

In a lurch towards “digitising” ops as part of the “transformation” scheme launched months ago, Lloyds Banking Group (LBG) today said it is creating 2,000 roles to beef up its “leading-edge digital banking” services. Files in manager's desk drawers: manila folder marked Redundancy Plan. Image via shutterstock Lloyds Banking …

  1. Anonymous Coward
    Anonymous Coward

    Experience go bye bye

    While they may in fact be getting rid of positions that originated in the days of the paper based banking system, I suspect it is more a case of experienced workers cost more, and we can hire a bunch of recent grads for next to nothing to lead us in to the future...disaster.

    Oh, and if you want to stay with us, just re-apply for your old job, but as a new employee, all the perks that you have earned with seniority are gone. And that spells savings.

    Or am I just a jaded old IT worker that has seen this too many times?

    1. WonkoTheSane
      Headmaster

      Re: Experience go bye bye

      "Oh, and if you want to stay with us, just re-apply for your old job, but as a new employee, all the perks that you have earned with seniority are gone. And that spells savings."

      Exactly. This is mostly a "Payroll reset" exercise.

      1. Dan Druff
        Big Brother

        Re: Experience go bye bye

        As someone who is affected by this, I can say that nobody is actually losing then reapplying for their job. So no loss of service / change in pay or conditions.

        Some people will be directly mapped to new roles, while others will have to apply for new roles that are at their current grade.

        There is an overall gain in role numbers but some people may not be successful in getting a new role if their skills are considered not relevant. There will be training available but this may not prevent people from failing to get a new role. The numbers involved are unclear at the moment.

        So some people will be made redundant even while there will be many new joiners.

        1. JimboSmith Silver badge

          Re: Experience go bye bye

          My financial advisor who Lloyds provide me with was banging on about digital at our last meeting. He was saying that we could do this meeting over the internet. I said no thanks I'd rather come into see you at the Private Banking offices. They've got enough of my money that I expect a personal touch rather than doing things digitally.

          I hope everyone affected by this is given the chances they want and as few as possible lose out.

    2. Mark 85 Silver badge

      Re: Experience go bye bye

      And that spells savings profit and bonuses for management .

      FTFY

    3. Anonymous Coward
      Anonymous Coward

      Re: am I just a jaded old IT worker that has seen this too many times?

      WE HAVE ALL SEEN THIS TOO MANY TIMES. And the show goes on. But hey, there are lots of them exciting 16-hour-per-week career development opportunities out there...

      1. Yet Another Anonymous coward Silver badge

        Re: am I just a jaded old IT worker that has seen this too many times?

        But the old workers weren't digital, they presumably greased the gears and cams of the analogue computers that the bank has been using upto now,

        Finally they are going to get some of those new digital computers

  2. Erik4872

    Employment Hunger Games

    So, everyone in IT is fired and now has to compete for their job back? Nice...anyone with any sort of talent is going to just say "no thanks" and walk.

    Sounds like what IBM is doing by firing all the experienced people and hiring DevOpsCloudAIMLBlockchain wunderkinds straight out of college. I have no doubt that there are tons of people who are basically coasting late in their careers, but it sucks that all of us are being painted with the same brush. At 43 i'm worried the reaper is coming at some point. :-)

  3. Anonymous Coward
    Anonymous Coward

    Fired?

    I presume they are being made redundant rather than sacked? Fired implies that have done something to warrant dismissal aside from being in the wrong place/time. Am I being too pedantic?

    1. _LC_

      Re: Fired?

      Have you noticed how the terminology is being created from above?

  4. Valeyard

    New jobs!*

    *not available outside india

  5. Notas Badoff Silver badge

    Blame the stock market

    While not at all refuting the above reasonings about scurrilousness, I have another disheartening possibility.

    After years and years of the stock market welcoming news of layoffs by *boosting* the stock price, companies have now decided to reframe everything in terms of layoffs.

    Great news! We're hiring 2000 new people! (no, no, that's ambiguous, must rewrite)

    Even better news! We're laying off 6000 people! (right! that's positivity!)

    It's a topsy-turdy world we've got.

  6. DougS Silver badge

    They're doing it wrong

    By hiring 3/4 of them back they won't save much money. IBM knows how to play this game, they would fire 6000 expensive people in the US, and replace them with 8000 cheap people in India. Just look at how much it has helped their stock price....oh wait...

  7. Trixr

    What is the pay differential between the old and new positions?

    ... I'm just curious

  8. earl grey Silver badge
    Unhappy

    "It's a topsy-turdy world we've got."

    Mostly turdy I suspect.

  9. This post has been deleted by its author

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