Lloyds Bank says 120 Isle of Man jobs to go in efficiency drive

 Up to 135 jobs are under threat at Lloyds Bank after the company announced plans to restructure its teams in the Isle of Man and Channel Islands. The Isle of Man looks set to bear the brunt of the changes with 120 posts disappearing.
In response to the announcement issued earlier today, Treasury Minister Alfred Cannan MHK told B365: ‘Whilst any decision that leads to job reductions is never welcome news, we recognise this is a group wide decision and is not a reflection on the Island. It perhaps reflects the challenges that the banking sector has been experiencing globally.  

‘The Island’s financial services sector remains key to our economy and despite trends in digitisation and consolidation, has consistently highlighted the shortage of skills before the pandemic and ongoing throughout last year.   

‘These changes are as a result of structural changes Lloyds Bank is making across its Islands business, in reaction to global digital trends within the banking sector.’ 

Alasdair Gardner, Islands Director, Lloyds Bank International, said:“Regrettably change does mean making difficult decisions, and the changes announced today reflect our ongoing plans to continue to make parts of our business more efficient and meet the changing needs of our customers.

‘We always look to redeploy wherever possible, with colleagues given access to a package of training and support designed to help them secure their next position whether within or outside the Group.

‘We remain fully committed to the Islands and the Isle of Man specifically, with our planned move into Villiers House expected during 2021 an example of our ongoing commitment.”   

Impacted staff were notified this morning, and Lloyds Bank says it will be supporting employees throughout the process. Meanwhile the Manx Government, along with colleagues in the Manx Industrial Relations Service, says its committed to working with Lloyds Bank to minimise the impact to individuals who are affected by this decision.   

Treasury Minister, Alf Cannan, added: ‘I am pleased to hear that there will be no immediate customer impact to services as a result of these changes and also welcome the broader investment the Group has been making into the Isle of Man through the new building and associated investment. It is important to note that the Group will continue to be a substantial employer and is committed in the long term to our Island.’