Lloyds Bank to Create 500 Jobs at Edinburgh Digital Hub
20 May 2019 - 8:53PM
Dow Jones News
By Adam Clark
Lloyds Banking Group PLC (LLOY.LN) said Monday that it will
create 500 new computing jobs at a technology hub in Edinburgh,
Scotland.
The U.K.'s largest retail bank said the plan was part of its
previously announced 3 billion-pound ($3.8 billion) investment
program. The hub will provide support for its Lloyds Bank, Bank of
Scotland, Halifax and Scottish Widows operations.
"We're working with the industry to strengthen our tech-based
talent pool in Scotland, which will not only benefit customers of
Lloyds Banking Group, but support the development of technology,
skills and talent in the fastest growing digital economy outside
London," said Philip Grant, chair of Lloyds's Scottish Executive
Committee.
British banks are under pressure to ramp up their digital
spending as money pours into London's financial-technology sector.
Digital banking apps such as Monzo and Revolut have claimed
multibillion-dollar valuations in recent years and rapidly growing
customer numbers. Japanese technology giant SoftBank Group Corp.
(9984.TO) has led investments worth over $1 billion in
business-focused British fintechs OakNorth and Greensill this
year.
Lloyds's investment also comes amid controversy about cuts to
branches, with lawmakers on the parliamentary Treasury Committee
saying last week that branches may need to be forced to maintain
their physical networks.
Mr. Grant told the BBC on Monday that he expects Lloyds to still
have branches in Scotland in 30 to 40 years.
Write to Adam Clark at adam.clark@dowjones.com;
@AdamDowJones
(END) Dow Jones Newswires
May 20, 2019 06:38 ET (10:38 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
Lloyds Banking (LSE:LLOY)
Historical Stock Chart
From Apr 2024 to May 2024
Lloyds Banking (LSE:LLOY)
Historical Stock Chart
From May 2023 to May 2024