Lloyd's reveals plan to reduce staff

Lloyd’s of London has invited its 1,100 members of staff to register their interest for voluntary redundancy as it develops its plan for its future operating model.

The corporation has been reviewing its structure with the view of making itself more effective and efficient for the market to work with it, a spokesperson told Intelligent Insurer.

This will mean that there will be a reduction of the numbers required in certain parts of the corporation.

"What we are announcing is the opportunity for people to register their interest in the programme and this will help inform how we continue to develop our plans around the operating model," the spokesperson said.

Any expressions of interest will feed into the consideration of what the corporation's future structure will look like.

No target number of staff or percentage of staff has been associated to the programme, and the corporation hopes to provide more details by the end of the third quarter.

“We have been looking at the future operating model for Lloyd’s including our proposed structure, our processes and technology, so it can ensure that we are easy and efficient to do business with," the spokesperson said.

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