Is new technology more of a threat to jobs than Brexit? Some in the UK are asking this question after private banking group Lloyds announced on 06 November a major shake-up in jobs as part of a significant technology drive. To great surprise Lloyds Banking Group will look to do away with 6,240 existing jobs whilst also hiring 8,240 into newly created positions so that in total some 2,000 additional positions will be created. In the shake-up some staff will have to undergo appropriate training if they wish to hold onto their jobs and others will also have to accept jobs at different locations. Commentators say that the Lloyds plan is the first major impact of a digital revolution that is in the process of overhauling the employment landscape to a degree unseen since the industrial revolution in the 19th century.
Lloyds Banking Group is having to deal with an increasing demand for online banking services and in February 2018 it formulated a three-year digital program worth £3 billion (€3.45 billion). In it are a raft of office closures, new jobs creations and new jobs definitions for current roles.
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