News of jobs cuts at Lloyds Banking Group does not undermine boost in financial services hiring
8 October 2014
News reports suggesting that the Lloyds Banking Group is planning to cut thousands of jobs and close more branches do not undermine newly found confidence and buoyancy financial services recruitment, said a leading recruitment firm.
Wed, 8 Oct 2014 | By Nicola SullivanNews reports suggesting that the Lloyds Banking Group is planning to cut thousands of jobs and close more branches do not undermine newly found confidence and buoyancy financial services recruitment, said a leading recruitment firm.
According to an article in The Times, the cuts will be made as part of the group’s ‘digitisation’ strategy and focus on automating its business. The newspaper also reported jobs were expected to go in areas such as mortgage processing and new account opening.
Andrew Breach, head of global banking and asset management at Page Executive (part of PageGroup), told Recruiter: “It is not going to dramatically affect the market, which is pretty buoyant at the moment. London has emerged very strongly from the crisis in financial services.”
He also pointed that London was more appealing to financial organisations than a lot of other places in Europe, which were not seen as “encouraging” environments in which to expand businesses.
According to recruitment firm Astbury Marsden, 3,470 new jobs were created in the City in September, a 46% increase from the 2,380 jobs created in September 2013. The figures also represented a rise on the 2,580 new roles created in August 2014.
When Recruiter contacted The Lloyds Banking Group, a spokesperson declined to comment and said that the recent press coverage was based on speculation and can’t be confirmed at the moment.
According to an article in The Times, the cuts will be made as part of the group’s ‘digitisation’ strategy and focus on automating its business. The newspaper also reported jobs were expected to go in areas such as mortgage processing and new account opening.
Andrew Breach, head of global banking and asset management at Page Executive (part of PageGroup), told Recruiter: “It is not going to dramatically affect the market, which is pretty buoyant at the moment. London has emerged very strongly from the crisis in financial services.”
He also pointed that London was more appealing to financial organisations than a lot of other places in Europe, which were not seen as “encouraging” environments in which to expand businesses.
According to recruitment firm Astbury Marsden, 3,470 new jobs were created in the City in September, a 46% increase from the 2,380 jobs created in September 2013. The figures also represented a rise on the 2,580 new roles created in August 2014.
When Recruiter contacted The Lloyds Banking Group, a spokesperson declined to comment and said that the recent press coverage was based on speculation and can’t be confirmed at the moment.
- Want to comment on this story? The Comment box is at the bottom of the page. Sorry for the glitch but just scroll right down and share your opinions!
