The bank plans to cut costs by switching to a new platform developed by startup Thought Machine; Lloyds has held discussions with regulators about the transfer of data of around 500,000 customers in order to test the new system; the bank may subsequently conduct similar transfers across other businesses in the coming years; the bank has already cut 30,000 jobs and a quarter of its branches in the past 8 years and the news has raised concerns about further job losses at the bank; these moves are meant to help the bank better compete against the challenger banks who are not burdened with legacy IT systems. Source
