Royce The airline has reportedly instructed employees to reduce their use of taxis and business class flights.
This is a major British bank, $5 billion The Financial Times (FT) reported the strategy review on Monday (July 15th).
As a result, Lloyds is making “some adjustments” to its business travel policies to cut costs and reduce its carbon footprint, the Financial Times reported, citing a memo sent to staff at Lloyds’ corporate and institutional banking division earlier this month.
The bank is now restricting business class flights to international flights longer than six hours and domestic flights should be avoided, the memo said, adding that taxis should only be called “when there are no other viable or safe means of transportation”.
“As your business grows and expands, it’s also important to keep a tight rein on costs, especially when personal choices have such a big impact.” Nick Laird“The clearest example of this is our travel, which comes at both financial and environmental costs,” the Lloyd’s chief operating officer wrote in the memo.
A source told the Financial Times that the changes would apply to the bank’s 60,000 employees.
The report comes just weeks after Bloomberg News reported on another major bank. HSBC India’s central bank has been urging investment banks to cut costs as lenders around the world expect interest rate cuts.
The bank has reportedly slowed hiring by opening up positions or halting new hires altogether, and is encouraging investment bankers to hold more than three client meetings a day. Most of the business trips.
As PYMNTS wrote earlier this month, these moves come amid an expected increase in business travel.
“The runway is Corporate travel recovery “The measures have already been implemented and are visible in earnings and other data over the past few months,” the report said.
for example, Delta Airlines The record revenue in the March quarter was largely driven by business travel demand driven by increased managed corporate sales. 14% YoY.
Executives said the trend will continue into the summer, with 90% of companies it surveyed expecting travel volumes to increase or remain stable beyond the June quarter.
Similarly, American Express Global Business Travel Multinational clients from around the world Business Travel In the first quarter.
