Lloyds Banking Group layoffs, on the record
Every job cut, severance charge and restructuring Lloyds Banking Group reported in its annual reports, 2023 to 2025, quoted from the filings. Headcount went from 62,569 to 60,061.
Headcount, as reported
| Annual report | Employees | As of |
|---|---|---|
| 20-F for 2023 | 62,569 | — |
| 20-F for 2024 | 61,228 | 31 December 2024 |
| 20-F for 2025 | 60,061 | 31 December 2025 |
Job cuts, severance and restructuring
Our summaryRestructuring and other staff costs rose to £487 million in 2023, driven by higher agency costs and severance charges.
Word for word“Restructuring and other staff costs were £180 million, or 59 per cent, higher at £487 million in 2023 compared with £307 million in 2022 due to an increase in agency costs and severance charges.” 20-F for 2023
Our summarySeverance charges were cited as a driver of higher operating costs in the Group and in its divisions, though no separate severance amount is given.
Word for word“Total operating expenses increased by £1,586 million, or 17 per cent, to £10,823 million in 2023 compared with £9,237 million in 2022, as a result of higher operating lease depreciation, planned strategic investment, severance charges, new business costs and inflationary impacts, partially mitigated by continued cost efficiency.” 20-F for 2023
Our summaryRestructuring costs of £154 million were recorded, including integration costs for Embark and Tusker and one-off costs tied to a supplier administration.
Word for word“Restructuring costs were £154 million (2022: £80 million) and include costs relating to the integration of Embark and Tusker, as well as one-off costs to ensure the continuity of some customer communication services following the administration of a key supplier.” 20-F for 2023
Our summaryGroup restructuring provisions were held for staff and other costs tied to 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 £ 245 million (31 December 2022: £ 112 million) were held.” 20-F for 2023
Our summaryRestructuring costs were recorded relating to the integration of Embark and Tusker and a contract termination.
Word for word“Restructuring costs during 2024 were £ 40 million (2023: £ 154 million) and include costs relating to the integration of Embark and Tusker as well as those related to a contract termination.” 20-F for 2024
Our summaryGroup headcount fell by 1,341 full-time equivalent employees over the year, with severance included among strategic investments that raised operating expenses.
Word for word“On a full-time equivalent basis, the Group had 61,228 employees at the end of 2024 , a reduction of 1,341 (31 December 2023 : 62,569 employees).” 20-F for 2024
Our summaryTotal operating expenses were higher, reflecting ongoing strategic investments including severance.
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
Our summaryRetail operating costs rose partly because of planned severance as part of strategic investment.
Word for word“Underlying operating costs increased by £241 million to £5,807 million in 2025 compared to £5,566 million in 2024 , from strategic investment (including planned severance), business growth costs and inflationary pressures, partially offset by cost savings from investment and continued cost discipline” 20-F for 2025
Our summaryCommercial Banking operating costs rose partly because of planned high severance as part of strategic investment.
Word for word“Underlying operating costs increased by £101 million to £2,853 million in 2025 compared to £2,752 million in 2024 , reflecting strategic investment (including planned high severance), business growth costs and inflationary pressures, partially offset by cost savings from investment and continued cost discipline” 20-F for 2025
Lloyds Banking Group 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 Banking Group’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 2026-02-13. 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.