Senior bankers at Lloyds could be at risk of having their bonuses docked if they fail to follow company orders to be in the office at least two days a week. Lloyds Banking Group – which owns the Halifax, Lloyds and Bank of Scotland brands – says bonuses for the 2024 financial year will be distributed next month.
The bank – which is rivalled by Santander, HSBC UK, Nationwide and more – has confirmed it is reviewing office attendance as part of performance-related bonus targets for its most senior employees. That includes hybrid staff who, in 2023, were ordered to be in the office at least 40% of the time, which typically amounts to two days a week for those on full-time contracts.
It comes after it emerged customers of Lloyds, Halifax, and Bank of Scotland will soon be able to use any of the group’s branches for face-to-face services. Lloyds Banking Group, which owns all three brands, says the change is great news for customers, offering them increased choice and convenience.
READ MORE 16 counties in England face MORE snow this week with ‘five inches’ hitting
A Lloyds spokesperson said: “We’re always looking for ways to make banking easier and more flexible for our customers so, from later this year, we’ll offer customers of Lloyds, Halifax and Bank of Scotland the option to use branches of any brand for their in-person banking, alongside our apps, mobile messaging, and telephone services.”
Lloyds currently has about 932 branches, but previously announced closures will take that figure down to 892 branches by the end of 2025. That includes 447 Lloyds Bank sites, 341 Halifax-branded branches and 104 Bank of Scotland locations.
The changes have been announced to staff. Ged Nichols, the general secretary of the union Accord, said he hoped that any decision to cut branches would include plans to redeploy staff to other departments.
“This is part of the ongoing change in branch banking. The rationalisation of premises in and of itself is not a threat – but clearly we want to ensure that employment is protected and that the bank finds alternative roles for the talented people it employs to service its customers.”
A Lloyds spokesperson said the bank was “proud to offer an industry-leading approach to flexible working which delivers many benefits for our colleagues while ensuring that we are well-placed to deliver on our ambitious strategy to transform our business and continue to deliver for our customers”.
A spokesperson for Lloyds Banking Group said: “In 2023 we announced a multiyear pay proposal to provide our people with greater certainty in a fast-changing economic environment. The group’s recognised unions approved the proposal which focuses on helping those that need our support most, and we have enhanced the plan further this year to provide an opportunity for colleagues who have made an extraordinary contribution to best support our customers.”