Isle of Man Lloyds job losses 'reflect global challenges'

Lloyds said changes were being made as more people switched to online or mobile banking

The loss of 120 jobs at Lloyds Bank on the Isle of Man "reflects the challenges that the banking sector has been experiencing globally", the treasury minister has said.

On 3 February, the bank announced a third of its Manx staff would be cut.

A Lloyds spokesman said changes were being made as more people switched to online or mobile banking.

Alfred Cannan said increasing digitisation in banking was "bound to have an impact" on future staffing.

The bank said 15 new jobs would be created by the restructuring of the bank's phone bank and payments centre on the island, but about 135 posts would be closed.

Those affected would be offered positions elsewhere in the organisation where possible, the spokesman added.

Mr Cannan said while the impact of the Covid-19 pandemic meant it was "not ideal timing" for the job losses, the government would try to "help individuals transition into new roles" and its employment and skills team were "committed to assisting any individual in seeking alternative employment".

He added that it was not possible to "avoid this digitalisation... so that is bound to have an impact".

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