Lloyds Banking Group PLC (LSE:LLOY) will reportedly warn roughly 3,000 employees, around 5% of its workforce, they are at risk of dismissal as part of a performance management overhaul.
The lender, which employs 63,000 people, intends to flag its lowest performers and ask them to improve or face exit, the Financial Times reported.
The approach was said to have been discussed at a recent executive committee meeting and comes as chief executive Charlie Nunn pushes through the final phase of a cost-cutting and diversification strategy.
In January, the FTSE 100-listed bank announced the closure of 136 branches in response to the shift to digital banking, though at that time it said jobs would not be cut.
The UK’s largest domestic retail and commercial bank told the FT it is “transforming” its business and embedding a high-performance culture.