Investing.com -- Lloyds Banking Group Plc (LON: LLOY ) is currently evaluating the technical skills of thousands of its IT employees in the UK as it embarks on a system upgrade, according to Bloomberg News, citing people familiar with the matter. The move could potentially lead to job losses for hundreds of these workers.

As part of a multiyear system overhaul, the British banking institution has alerted its technology staff this month about the possibility of job cuts. Employees are expected to apply for new positions within the bank, as per sources close to the matter.

During a company town hall held last week, executives communicated to the staff that they are in the process of assessing their technical abilities. This assessment is based on a test the employees undertook last year. The results of the test will determine the employees' future roles within Lloyds, if any.

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