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Wed, 03 Feb 2021
Lloyds Bank International has announced 120 jobs are to go on the Isle of Man.
The banking giant says as customers increasingly use the online or mobile channels, where they can self-serve at a time and place which is convenient to them, this has reduced the work in its Isle of Man PhoneBank and Payments Centre.
As a result, Lloyds Bank International announced today a number of changes to its Operations, Telephony and Payments teams, which will see Lloyds Banking Group’s central teams based in mainland UK undertake some of the Islands’ transactional processing and servicing activity subject to the completion of the various regulatory approvals.
120 jobs out of 400 employees based on the Island will be reduced.
Fifteen new roles are being created at the bank, although it’s not yet known where those roles will be based.
Treasury Minister Alfred Cannan MHK said: ‘Lloyds Bank have a strong and extensive relationship with the Island, are valued partners in community banking services to many on the Isle of Man and this is clearly sad news for those directly affected. Government, together with Ministers, have been in dialogue with the Group ahead of the announcement so that we could understand the changes and move to support them wherever possible.
‘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.
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