Thousands of Lloyds

Lloyds to cut 1,600 jobs in major branch overhaul

Lloyds accused of failing small firms as it cut lending

The banking group is set to tell those it deems are among the weakest performing 5% that they could be made redundant unless their work improves.

It marks the second time in less than two years that thousands of Lloyds' employees have faced job losses, after it cut 1,600 roles in January last year.

The BTU union warned of

"To achieve this, and in line with wider industry practice, we continuously look for ways to help our colleagues perform at their best," the Lloyds spokesperson added.

"We know that change can be uncomfortable, but we are excited about the opportunities ahead as we propel forward to achieve our growth ambitions and delivering exceptional customer experiences."

About 3,000 people deemed

Bosses at the company will be reviewing data from a HR software programme to monitor progress, the newspaper said.

The firm is not understood to be looking to cut a specific number of jobs but to solve an issue with low numbers of people leaving the banking group over time.

The performance policy has echoes of so-called "rank and yank", which was popularised in the US

He supported "ranking" employees

Accord Union, which claims it represents more than 21,000

But Matt Britzman, an analyst at Hargreaves Lansdown, said Lloyds had been "forced to take a more aggressive approach to weed out the lower performers".

"This seems like sensible business and aligns with the bank's quiet push to offshore more roles, aiming to hire 4,000 people in its India tech hub

"If [Lloyds] can match peers like NatWest and Barclays on offshoring and branch reductions, the cost improvements could drive meaningful profit upside."

The BTU union, which claims to represent 17,000 Lloyds

"In Lloyds, it will simply become a numbers game and