Tesco has become the latest major employer to announce changes to its operating model, putting 400 jobs at risk. 

Tesco said the restructure would affect managers in its head office, mobile phone shop employees and bakery workers.

UK chief Matthew Barnes said: “These are difficult decisions affecting our colleagues, but we believe they are necessary to enable us to invest in what matters most to our customers.

“Our priority is to support impacted colleagues and we will do everything we can to help them find alternative roles within our business. Today, we have almost 1,000 vacancies available.”

The announcement follows news earlier this month that Sainsbury’s would be cutting 3,000 jobs through the closure of most of its cafes and hot food counters, and by reducing management roles by a fifth. These latest job losses reflect high levels of uncertainty in the labour market as businesses prepare for higher employment costs in April.

In her October budget, chancellor Rachel Reeves increased employer national insurance contributions to 15%, lowered the threshold at which they were payable, and announced a 6.7% increase in the national living wage.

Separately, Lloyds Banking Group has announced that it will close 136 branches across its Lloyds, Halifax and Bank of Scotland brands between May this year and March 2026, as customer behaviours mean more customers are using mobile and online banking than ever before.

There are no role reductions as part of this announcement, a spokersperson said, and all colleagues who work at these branches will be offered a role at another branch or in another part of the business.

The bank said: “Over 20 million customers are using our apps for on-demand access to their money and customers have more choice and flexibility than ever for their day-to-day banking.

“Alongside our apps, customers can also use telephone banking, visit a community banker or use any Halifax, Lloyds or Bank of Scotland branch, giving access to many more branches.

“Customers can also do their everyday banking at over 11,000 branches of the Post Office or in a Banking Hub.”

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