Lloyds Bank layoffs, on the record
Every job cut, severance charge and restructuring Lloyds Bank reported in its annual reports, 2023 to 2025, quoted from the filings. Headcount went from 60,686 to 57,755.
Headcount, as reported
| Annual report | Employees | As of |
|---|---|---|
| 20-F for 2023 | 60,686 | 31 December 2023 |
| 20-F for 2024 | 60,018 | 31 December 2024 |
| 20-F for 2025 | 57,755 | 31 December 2025 |
Job cuts, severance and restructuring
Our summaryThe Group recorded restructuring and other staff costs as a separate line within operating expenses.
Word for word“Restructuring and other staff costs 538 333 337 4,262 3,853 3,692 Premises and equipment costs 2 411 292 215 Depreciation and amortisation 3 2,851 2,348 2,777 Other expenses: Regulatory and legal provisions (note 26) 661 225 1,177 Other 2,783 2,481 2,345 3,444 2,706 3,522 Total operating expenses 10,968 9,199 10,206 1 Including social security costs of £347 million (2022: £322 million; 2021: 290 million).” 20-F for 2023
Our summaryThe Group reported severance charges as a driver of higher total operating expenses.
Word for word“This reflects the higher planned strategic investment (partly offset by the recharges within other income), severance charges, new business costs and inflationary effects.” 20-F for 2023
Our summaryThe Group held provisions for staff and other costs related to Group restructuring initiatives.
Word for word“Provisions are also made for staff and other costs related to Group restructuring initiatives at the point at which the Group becomes committed to the expenditure; at 31 December 2023 provisions of £240 million (31 December 2022: £108 million) were held.” 20-F for 2023
Our summaryOperating expense increase partly attributed to ongoing strategic investments that included severance costs.
Word for word“This reflects higher operating lease depreciation, as a result of fleet growth, the depreciation of higher value vehicles and declines in used electric car prices, primarily in the first half, alongside inflationary pressures, business growth costs and ongoing strategic investments including severance.” 20-F for 2024
Lloyds Bank has filed no restructuring notice (Form 8-K, Item 2.05) since 2016. Companies file one only for a cut they judge material, so many announced layoffs never appear as one. This page shows what the company reported to the SEC, not news reports or state layoff notices.
Read from Lloyds Bank’s annual reports (20-F for 2025, 20-F for 2024, 20-F for 2023) and the financial data it files with the SEC, as of 2026-02-26. Every quotation is word for word from the filing linked beside it; how these pages are built and checked. The full record is in its company data sheet.