Lloyds Banking Group(US:LYG) Zhi Tong Cai Jing·2025-09-04 07:41Core Points - Lloyds Banking Group plans to place approximately 3,000 employees, representing the bottom 5% of performance rankings, on a "layoff risk list" as part of a comprehensive performance management reform for its 63,000 employees [1][2] - The bank aims to build a high-performance culture and is currently undergoing a business transformation, with CEO Charlie Nunn pushing for cost reduction and diversification of revenue sources [2] - The new performance management system was discussed and approved in a recent executive committee meeting, with a focus on increasing turnover among low-performing employees [2] Employee Performance Management - The bank intends to clearly inform underperforming employees that they must improve their work performance or face termination [1] - High-performance companies typically conduct regular evaluations of their bottom 5% of employees, with about half of these employees eventually leaving [2] - Lloyds currently faces a low employee turnover rate of approximately 5%, compared to a historical average of around 15% [2] Recent Developments - Earlier this year, Lloyds announced the closure of 136 physical branches to adapt to the shift towards digital banking, while assuring that there would be no layoffs as a result [3]