'Up their game' | 3,000 Lloyds employees at risk of dismissal for underperformance

Lloyds Banking Group has warned up to 3,000 employees that they are at risk of being dismissed for underperformance, in a move that marks one of the most significant performance management shake-ups in UK banking.

The change is being driven by chief executive Charlie Nunn and will see managers required to rank staff across the organisation. About 5% of the bank’s 63,000-strong workforce will be placed on performance plans. Unless they show marked improvement, roughly half could ultimately lose their jobs.

The review process gathered momentum earlier this year, with executives keen to address what they view as unusually low turnover among lower performers. Annual attrition at Lloyds is understood to have dropped below 5%, well under the bank’s historic average of 15%.

Lloyds defends move as push for 'high-performance culture'

A Lloyds spokesperson said the measures were part of a wider effort to build stronger teams.