Lloyds Banking Group PLC (LSE:LLOY) is tightening the use of taxis and business class flights for its staff as part of a cost-cutting drive.
The UK lender will alter these travel policies across its 60,000-strong workforce to control expenses and reduce its carbon footprint.
According to a memo sent by Nick Laird, Lloyds' chief operating officer, business class flights are now restricted to international journeys over six hours.
The memo also states that domestic flights should be avoided, and taxis should only be booked when no other viable or safe method of transportation is available.
Lloyds has also introduced new guidelines for train travel, limiting first-class tickets to trips over three hours or when they are the lowest available fare.
These changes are part of the bank’s broader £4 billion strategic overhaul aimed at diversifying its income streams away from mortgages towards wealth management and insurance.
"As we grow and expand our business . . . it’s important that we also keep a tight grip on our costs — particularly where our personal choices have a great impact," Laird said.
A Lloyds spokesperson added: "We look for every opportunity to maintain industry-leading cost management and strategic focus, alongside supporting the Group’s net zero ambitions, as we work hard every day to enable our customers to realise their financial ambitions."
This initiative follows a similar policy implemented by HSBC, which also seeks to reduce travel expenses as part of a wider cost-saving strategy.