Lloyds Banking Group is implementing a major transformation strategy in its risk management division.

The strategy involves a reduction of 175 jobs, coupled with the creation of new positions in different sectors.

CEO Charlie Nunn is prioritizing operations streamlining and profit enhancement, with an emphasis on wealth management and insurance offerings.

The restructuring is set against a backdrop of regulatory examination of Lloyds' motor finance branch and its prospective fiscal repercussions.

The union for Lloyds' employees is voicing concern over the implications of diminishing risk management safeguards.