Summary
Lloyds Banking Group used data from the personal bank accounts of more than 30,000 employees during pay negotiations. The bank compared its employees' financial situations to the general public to inform its pay decisions. Some union representatives are concerned, but Lloyds stated it used the data in a way that follows regulations.
Key Facts
- Lloyds Banking Group accessed data from over 30,000 employees' personal bank accounts.
- The bank compared employees' financial data with that of the general public.
- This data usage was part of pay negotiations for future salary decisions.
- Some union reps raised concerns that this data may have been used to justify lower pay offers.
- Lloyds stated the data was aggregated and anonymized, following regulations.
- The bank's pay offers for junior staff include increases of between 7% and 9%.
- The pay offer was supported by recognized unions but rejected by the Affinity union.
- Employees are encouraged to open accounts with Lloyds as part of their employment.
