Equities Finance and Banking

Lloyds share price: Bank to create jobs at Edinburgh tech hub

Lloyds Banking Group (LON:LLOY) has unveiled plans to create 500 high-skilled jobs at a new digital tech hub in Edinburgh, the BBC has reported. The move comes with the lender responding to a shift in customer behaviour towards digital services.

Lloyds’ share price has fallen deep into the red in London in today’s session, having given up 0.94 percent to 59.77p as of 09:54 BST. The stock is underperforming the broader UK market, with the benchmark FTSE 100 index currently standing 0.51 percent lower at 7,310.86 points. The group’s shares have lost more than eight percent of their value over the past year, as compared with about a 5.5-percent dip in the Footsie.

Lloyds to create new jobs

The BBC reported today that Lloyds had started recruiting software engineers and data scientists for the hub, which will be based at its Scottish Widows’ headquarters. The hub will be used to develop new technology for Bank of Scotland, Lloyds Bank, Halifax and Scottish Widows customers.

The move is part of Lloyds’ £3-billion investment announced last year, with the bailed-out lender looking to overhaul its digital services.

The BBC quoted Philip Grant, chairman of Lloyds’ Scottish executive committee, as commenting that the group was working to “strengthen our tech-based talent pool in Scotland”.

“People’s expectations are rising rapidly as they want the same experience they’re used to with established digital brands,” he pointed out.

Analyst ratings update

According to MarketBeat, the bailed-out lender currently has a consensus ‘buy’ rating, while the average target for the Lloyds share price currently stands at 72.93p.

Lloyds held its annual general meeting last week, when the group’s chairman defended the bailed-out lender’s generous pay policies. Investors meanwhile backed the company’s remuneration report. The FTSE 100 group further announced plans last week to move to the payment of quarterly dividends next year, with the first quarterly dividend in respect of Q1 2020 payable in June 2020.

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