Lloyds cuts another 325 jobs

Lloyds Banking Group has announced a further 325 job cuts from its wholesale and group operations divisions as part of its integration with HBOS.

The bank announced its takeover of HBOS in September 2008. The latest announcement takes the total number of job cuts since the merger process began to over 27,000.

The bulk of job losses will come from the group’s wholesale division, which offers business lending and includes the bank’s corporate markets arm. Affected staff are likely to be those in sales support, business management and back office.

Group operations are also likely to be affected, with reductions in I.T.

In a statement Lloyds says: “Lloyds is committed to working through these changes with employees in a careful and sensitive way. All affected employees have been briefed by their line manager today. The group’s recognised unions Accord, LTU and Unite were consulted prior to this announcement and will continue to be consulted throughout the process.

“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. Where it is necessary for employees to leave the company, it will look to achieve this by offering voluntary severance. Compulsory redundancies will always be a last resort.”

The latest wave of job cuts at Lloyds comes one month after the bank announced 570 job losses and the closure of its Cheltenham & Gloucester mortgage range through advisers.