The partially state-owned bank has an array of retained agency relationships across its business and has embarked on what one source called a 'simplification process'.
It is thought that Lloyds hopes to benefit from the cost savings that cutting its roster would generate.
A Lloyds spokesperson told PRWeek: 'As part of our Group Strategic Review announced in June 2011, we stated an intention to simplify our supplier base, including our PR agencies. All affected agencies have been alerted to this process, which is ongoing and has not yet concluded.'
Lloyds Banking Group declined to comment on which agency relationships were under review, but it is thought that the vast majority of its PR work will be repitched in 2012.
Briefs thought to be affected include the six-figure account held by 'Team Y&R' - a coalition of WPP-owned agencies Cohn & Wolfe and Burson-Marsteller - which handles media relations and public affairs for Lloyds' insurance division.
Also thought to be affected is the group's corporate and public affairs in Scotland, handled by independent Glasgow-based agency McGarvie Morrison Media.
These accounts were pitched out in 2010, as was PR for its corporate banking division. This corporate and wholesale banking brief was handed to FTI Consulting (then FD) and is understood to be under review this year.
Similarly, Grayling picked up briefs for Lloyds' private banking, wealth management and corporate markets businesses in 2010, which are also thought to be included in the review.
It is not thought that RFPs have yet been formally issued, but the bank is understood to have informed both incumbent agencies and others that a number of pitches will take place in the coming months.
Lloyds Banking Group's use of Tulchan Communications for group-level financial and corporate comms is thought to be unaffected by the review.