Newsletters From BTU
10,000 Jobs Wiped Out By Thought Machine
Lloyds Banking Group (LBG) plans to bypass its current IT system and replace it with Thought Machine’s cloud based core-banking platform called “Vault”. LBG recently invested £11 million for a 10% stake in Thought Machine, a Fintech set up a few years ago by a group...
The Fintech Revolution?
One of the main reasons for replacing the Group’s current core-banking platform with a digitally native platform like Thought Machine is to counteract the effects of open banking and the rise of fintech and Third Party Providers (TPPs). The rules require UK banks to...
Pay 2019 – Blackmailing Staff?
The 2019 pay pot is 2.6% compared to the current rate of inflation of 3.2%. On the Group’s own figures that means the vast majority of staff will yet again get pay increases less than the cost of living. That at a time when the Group posted a statutory profit after...
Mind……The Gender Pay Gap
Lloyds Banking Group recently reported its April 2018 gender pay gap results in line with the Equality Act 2010 (Gender Pay Gap Information Regulations 2017). The Groups mean gender pay gap reduced narrowly from 32.8% (2017) to 31.5% (2018). In other words, women in...
Severance Terms & The JV
Given the precarious nature of the financial advice business and the growth model proposed by Lloyds Banking Group for the new Joint Venture, the legal status of the Lloyds Bank enhanced severance terms and job security policy is extremely important. The issue is a...
Pensions Discrimination Victory In Offshore Banking
Following the Union’s campaign, the Trustee of the Lloyds Bank Offshore Pension Scheme and the Bank have said that they will be treating men and women in exactly the same way when dealing with the State Pension Deduction. Members will recall that in a previous...
Worst Scores Ever?
In a previous Newsletter we reported that the Bank had sought to influence the results of the 2018 Colleague Engagement Survey by waiting to announce the withdrawal of the Concessionary Mortgage schemes until after the survey closed on 6th October. However, the...
‘Your Best’…………Is it Good Enough
In our last Newsletter we said that the Bank would be announcing a new approach to performance management, which would see the introduction of ‘catch-ups’ and the removal of ratings. But let’s be clear, simply taking a system that was introduced by the likes of Adobe,...
Appraisal Is Dead. Long Live The ‘Check-In’.
The GEC meets this week to discuss the future of the Bank’s performance management system. The exact details of the new system will be communicated to staff and line managers on the 2nd January 2019. We’ll discuss ‘check-ins’ or ‘catchups’ and ratings in our next...
Thought Machine & The Future Of Banking
Members will have seen that Lloyds Banking Group (LBG) has invested £11 million in a fintech start up called Thought Machine. Thought Machine was set up a few years by a group of Google engineers who have developed a revolutionary cloud-based core banking platform...
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