After launching an operational review last year, Lloyds of London has now approached all 1,100 of its workforce about the possibility of taking voluntary redundancies.
According to reports broken earlier today, the world’s most well-known insurance market has already approached staff in writing to see if they have an appetite to step down.
“We have been looking at the future operating model for Lloyd’s including our proposed structure, our processes and technology, so it can ensure that we are easy and efficient to do business with,” a Lloyds spokesman said in a statement issued to CityAM.
“What we are announcing is the opportunity for people to register their interest in the programme and this will help inform how we continue to develop our plans around the operating model.”
A full operational review is expected to be completed during the third quarter of this year and will focus on a host of possible streamlining – such as the duplication of staff resources.
There is no confirmation yet about the number of jobs that may go. Any cuts are reportedly unrelated to the decision to set up an EU hub in Brussels.
Lloyds has been active in Australia for over 150 years.