Lloyds TSB has axed eight UK marketing roles for Evolvebank, after announcing that it is abandoning plans to launch the online brand in the UK.
The move also sees agencies Saatchi & Saatchi and Interfocus lose the planned pounds 25m business for Evolvebank they won in July.
Last week Lloyds TSB said it would instead form an online partnership with Centrica to launch a new online and telephone bank, Goldfish, named after Centrica's existing credit card operation.
The decision means the eight staff, including Evolvebank UK marketing director Simon Lyons, are looking for new jobs. Evolvebank's European marketing director Barbara Lauer said some are likely to go to the new joint venture, although no decisions have yet been made.
Evolvebank recently laun-ched in Spain and the ten marketing staff in the Spanish team are unaffected. It will continue to work with creative agency Ruiz Nicoli in Spain, but confirmed it will no longer work with UK agencies Saatchi & Saatchi and Interfocus, which won the above-the-line and below-the-line accounts respectively in July (Marketing, July 20).
Evolvebank will continue to use Zenith Media, but Lauer stressed that the agency does not hold the pan-European account and the venture will work with agencies on a market-by-market basis. Evolvebank is continuing plans to roll out across Europe, with Italy as the next priority.
The joint venture is applying for approval for its savings and current accounts. Centrica expects the joint venture to have its licence by the end of the first quarter and to launch immediately after that. Goldfish already has a credit card relationship with HFC Bank, which will run until the end of next year.
Goldfish will combine online and telephone banking with 'First Direct levels of service'.
Colette Graham, communications director for Centrica services, said it was too early to discuss marketing positions, although Alison Bousfield is acting marketing director.
Goldfish currently uses TBWA/London for its credit card advertising but Lauer said it was too early to decide on new arrangements.