The news that Lloyds Banking Group (LBG) is planning a major restructuring of its workforce, adding 2,000 jobs as it refocuses its operations on digital technology, should not come as a surprise.

A £3bn reorganisation, which will see Britain’s biggest high street lender cut 6,000 jobs but create another 8,000 over two years, is a necessary response to a dramatically changing environment.

The sector is being challenged by digital, mobile-only banks such as Monzo and Starling which are harnessing technologies such as machine learning and artificial intelligence (AI).

LBG is not alone. It was recently revealed that Royal Bank of Scotland (RBS) is planning to roll out a standalone digital consumer bank in the UK.

The problem for the big banks is that they are easy prey for disruptors.

They are so vast and clunky that if you were to start afresh and redesign them you’d probably do away with almost their entire legacy architecture.