Lloyds Banking Group is hiring 300 tech experts to build and deploy autonomous AI systems. The move comes just weeks before CEO Charlie Nunn reveals a new strategic plan.

These new hires will join a growing AI team of around 1,000, including retrained staff. Their mission: develop agentic AI that plans and executes tasks with minimal human input. Projects range from fraud detection to improving customer banking experiences.

The bank aims to enhance online services, letting customers ask plain-language questions about spending and investments. They’ll leverage large language models like Anthropic’s Claude and Google’s Gemini, customized for Lloyds’ needs.

Last year, generative AI added £50 million to Lloyds’ bottom line. This year, the bank expects the figure to double as AI adoption accelerates. Yet, Lloyds warns AI could eventually reduce jobs, echoing industry trends like Standard Chartered’s 7,000 job cuts partly attributed to automation.

Trystan Davies, Lloyds’ head of AI science, said AI will reshape jobs and company structures. The bank plans extensive staff training through its AI Academy, aiming for all 67,000 employees to complete modules on ethical and safe AI use.

The financial sector’s tech spending is surging. A recent survey found 91% of UK finance firms plan to increase tech budgets, with 93% naming AI as the most impactful technology over the next five years. Confidence in growth is rising despite global uncertainties.

Lloyds also earned recognition for gender equality, landing in The Times Top 50 Employers. The bank balances its tech ambitions with diversity goals, signaling an effort to build an inclusive workforce amid transformation.

Still, industry experts warn many banks aren’t ready for AI outages. Nearly half haven’t tested their systems for failures. This complacency risks operational disruptions and regulatory scrutiny.

Lloyds understands that scaling AI responsibly means investing in technology, talent, and governance simultaneously. Their bet is that AI will not only boost profits but also reshape banking for good—provided they manage the transition carefully.