Lloyds Banking Group plc (NYSE:LYG) is reportedly restructuring its risk management division after an internal review.
The restructuring will result in the reduction of about 175 roles that are facing redundancy, including about 150 in risk, as per Bloomberg, which cited a person familiar with the matter.
As per the report, the company is creating more than 100 new roles requiring more technical expertise.
A spokesperson said, "In this case, there are around 45 role reductions, after new roles being created are factored in."
The risk division employs about 3,600 of the company's roughly 60,000-person workforce.
According to the Financial Times, Chief Risk Officer Stephen Shelley said in a memo last month that they are looking to reset the approach to risk and controls after an internal review said 'intelligent risk-taking' was being stymied.
Investors can gain exposure to the stock via First Trust Indxx Innovative Transaction & Process ETF (NASDAQ:LEGR) and Trust For Professional Managers ActivePassive International Equity ETF (NYSE:APIE).
Price Action: LYG shares are down 0.76% at $2.62 on the last check Wednesday.
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