Standard Chartered · The Guardian Technology
Lloyds Banking Group to hire 300 tech experts to work on AI
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Lloyds Banking Group has launched an AI recruitment drive for 300 tech experts, weeks before its chief executive, Charlie Nunn, unveils a strategic plan for the 261-year old lender.
Key facts
- Lloyds Banking Group has launched an AI recruitment drive for 300 tech experts, weeks before its chief executive, Charlie Nunn, unveils a strategic plan for the 261-year old lender
- Last month, Standard Chartered announced 7,000 job cuts, due in part to AI
- Trystan Davies, group head of data and AI science, said: “AI will reshape how organisations are structured
- Lloyds’s AI programme has already delivered financial gains, with generative AI, which creates new content based on patterns in vast, existing datasets, providing a £50m boost to its balance sheet
Summary
The bank said it intended the recruits to work on its use and development of agentic AI by September, referring to autonomous artificial intelligence models that can plan and execute tasks with minimal human oversight. While the hiring drive is will increase Lloyds’ headcount for now, the group did not rule out its broad adoption of AI leading to job cuts in the future. Trystan Davies, group head of data and AI science, said: “AI will reshape how organisations are structured. In January, Nunn acknowledged that the bank would have to “ reduce some jobs in some areas” owing to AI.