Thousands of employees at Lloyds Banking Group could lose their job as the company introduces a new performance based monitoring system. 

Around 3,000 people considered to be in the 5% lowest performing staff are set to be put at risk of dismissal, according to the Financial Times. 

Chief executive Charlie Nunn and other executive committee staff will review data from the HR system Workday to monitor the bank’s 63,000 employees. 

Bosses will be focused on staff turnover and making sure it falls in line with industry norms. 

A Lloyds spokesperson told Money it was “striving to embed a high-performance culture” across the business.  

“To achieve the ambitious strategy and deliver brilliant service to customers, we are transforming our business. As we build highly-skilled teams to move faster forward and deliver great outcomes for our customers, we are striving to embed a high-performance culture in the organisation,” they said. 

“To achieve this, and in line with wider industry practice, we continuously look for ways to help our colleagues perform at their best.

“We know change can be uncomfortable, but we are excited about the opportunities ahead as we propel forward to achieve our growth ambitions and delivering exceptional customer experiences.”