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Categories:Advisers

Lloyds announces nearly 1,000 job cuts

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Lloyds Banking Group is cutting nearly 1,000 jobs as part of the bank’s ongoing cost cutting measures to make annual cost savings of £1.5bn by 2014.

The bank has announced the job losses will come from its group operations, group executive functions, risk, wholesale and insurance divisions.

This includes retail, mortgage and private banking customer service divisions and credit operation.

Lloyds has decided to close its Romford, Newcastle and Scunthorpe sites. Its Leeds site will also be affected.

The Romford closure will result in 212 job losses, while Leeds will see 186 job cuts.

Lloyds says affected staff in Newcastle and Scunthorpe will be redeployed elsewhere in the business.

The job cuts form part of the 15,000 job losses announced as part of the bank’s strategic review last June.

Affected staff were told today.

A spokeswoman for Lloyds says: “Lloyds is committed to working through these changes with employees in a careful and sensitive way. The group’s policy is always to use natural turnover and to redeploy people wherever possible to retain their expertise and knowledge within the group.”

Accord general secretary Ged Nichols says: “This is devastating news for the employees who will be affected and the communities in which they live. The areas affected cannot afford to lose the high quality jobs that will go as a result of today’s announcement.”

Since Lloyds began integrating its Halifax Bank of Scotland and Lloyds TSB businesses in February 2009, the bank has announced over 30,000 job losses.

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Readers' comments (3)

  • Again we are seeing massive job losses as the result of poor and inadequate regulation by the FSA, resulting in massive job losses whilst they (the FSA) go totally unscathed.

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  • Every financial organisation is being forced to review spending strategies resulting in reducing costs. By making a further 1,000 redundancies Lloyds will be able to contribute more towards the 16% hike in the FSA budget and also free up some money for further trumped up fines for failures due internal problems caused by lack of staff....

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  • My thoughts go out to the 'minions' and their families affected by this. They have done nothng wrong but obey the instructions of their 'superiors', (I mean in the heirarchical sense) who will collect their large salaies and move on to cause chaos to another organisation. So much for state shareholdership.

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