Another bank follows suit as Lloyds demands in office work

63,000 staff at Lloyds Bank received an email yesterday morning from CEO Charlie Nunn, outlining an end to their current flexible working arrangements that have become commonplace since the Covid pandemic. 

On the cusp of a busy banking season, the new pilot scheme will see staff commit to time in the office for at least two days a week or a 40% proportion of their working hours. In an unusual move, the bank also intends to scrap compressed hours, which allows an employee to work their normal contracted hours across shorter weeks or fortnights – an arrangement that is particularly appealing to carers and parents.

Noted from a transcript seen by the Financial Times, Nunn told staff in July, “We can only [be competitive] if we collaborate effectively . . . which is difficult, if a team are below strength on certain days of the week, or if some key people are only available at times when the majority are not.” 

While the bank said the changes would “enable us to continue to best meet the evolving needs of our customers”, the move, which has already had backlash from staff, could also facilitate restricted employee capabilities and damaged morale, which would negatively impact business. 

Accord, a union for Lloyds staff, said its members had expressed “shock, disappointment and anger at what they see as unnecessary disruption to their lives”.

It said the bank “has not asked the union for an agreement on the proposed changes. If it did, it wouldn’t get one. These changes will do immediate and tangible damage to members’ working lives, work/life balance and their family budgets.”