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Corporate Wealth Planning Reorganisation & Redundancies
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Date: 16th Sep 2009
The Bank has announced that following are organisation of the Corporate Wealth Planning business there will be a net reduction of 50 roles during 2009.
Details of the roles that are being made redundant are set out in the table overleaf. The key features of
the announcement are:
● Bank of Scotland Corporate and Lloyds heritage Commercial Financial Planning will be combined into one new business under a dedicated Area Management structure.
● The Bancassurance business will remain separate with its own management structure.
● In Scotland, Corporate Wealth Planning will align itself with the Commercial and Large Corporate structure and will have access to customers with a turnover of up to £25million.
● 4 Regional Heads will lead the new combined business and they will report into the Director OF Corporate Wealth Planning.
● There are currently 34 Area Managers across the Bancassurance and BoS Corporate structures and that will be reduce to 27.
● The number of Bancassurance and Corporate Advisers across the BoS and Lloyds TSB heritage populations will reduce from 272 to 243. The advisor/coach roles in Lloyds TSB and BoS will disappear underthe new structure and the CFPM’s in Lloyds TSB and DAM’s in BoS will revert to doing the Bancassurance Adviser role for 100% of their time.
● The number of Regulated Assistants will reduce from 29 to 19. However, the Bank is undertaking a wider review of sales support in the business and the results of that review will be discussed with the Union shortly.
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