Lloyds Banking Group confirmed it used aggregated, anonymised staff bank account data during 2023 pay negotiations, drawing criticism from some unions and scrutiny from the Information Commissioner’s Office. CEO Charlie Nunn acknowledged concerns, stating that lessons must be learned and that a full internal review will determine future data-use policies.

Despite controversy, Lloyds secured multi-year pay agreements with Accord and Unite unions that grant junior staff salary increases of 7%–9% and raise the minimum wage to £27,400 by 2027. Two recognised unions endorsed the approach, with management describing the data analysis as a legal use case for business outcomes.

Lloyds agreed to divest Scottish Widows Europe to Chesnara for €110 million in cash, transferring €1.7 billion of assets off its balance sheet. The transaction is expected to free capital and streamline Lloyds’ European operations as part of its ongoing strategic review.