Summary
The chief of Lloyds Banking Group admitted concerns about using staff bank account data in pay discussions. The bank looked at workers' spending and saving habits compared to the general public. There is no formal investigation, but the bank is considering future changes.
Key Facts
- Lloyds Banking Group used staff bank account data during pay negotiations.
- The data compared employees' financial habits to the general public’s.
- Charlie Nunn, the bank's chief executive, acknowledged concerns from this approach.
- There is no formal investigation, but the bank is reviewing its methods.
- The Information Commissioner's Office questioned the bank but did not start a formal inquiry.
- Employees at Lloyds are encouraged to have accounts with the bank as a job condition.
- Pay talks resulted in pay raises of 7% to 9% for junior staff, with salaries increasing by £1,200 annually.
- Recognized unions supported the pay agreement, but one union not recognized by the bank criticized the data use.
