Home / Business and Economy / Lloyds CEO Addresses Staff Data Use Controversy
Lloyds CEO Addresses Staff Data Use Controversy
16 Feb
Summary
- CEO admits employee data use caused concern among staff.
- Information Commissioner's Office is investigating potential data privacy breach.
- Lloyds reached a 7%-9% pay rise deal with unions.
Lloyds Banking Group CEO Charlie Nunn addressed staff regarding the controversial use of employee bank account data during pay negotiations last year. In a town hall meeting, Nunn stated that the decision "obviously has created some concern" but assured employees that their feedback was heard and is being considered.
The bank had used aggregated salary, spending, and savings data from 30,000 staff accounts to suggest that lower-paid employees were financially better off than the general population. This practice raised concerns due to the bank strongly encouraging staff to hold personal accounts with Lloyds, potentially allowing access to financial information without explicit permission.
The Information Commissioner's Office (ICO) has begun inquiries into whether Lloyds breached data privacy rules. However, Nunn described the data use as a "legal use case" and noted that the recognized unions were initially comfortable with it, though one union, Accord, reserves the right to legal action if the ICO finds a breach.
Lloyds reiterated its commitment to fair pay and expressed satisfaction that a majority of union members supported the multi-year pay proposal, which includes a 7% to 9% rise for staff over 2026 and 2027.
