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Lloyds announces 940 job cuts

Lloyds Banking Group Cancara 480

Lloyds Banking Group is cutting 940 jobs across the company, including 300 jobs from its retail and wealth and international divisions.

The roles at risk in the retail and wealth international teams include Bank of Scotland branch staff, retail marketing and facilities management.

Other affected divisions include group operations, insurance and commercial divisions. The latest wave of job cuts forms part of the 15,000 job losses announced by the bank in June 2011 in a bid to reduce costs by £1.5bn a year by 2014.

Affected staff were told about the cuts last week.

A Lloyds spokesman says: “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 redundancy. Compulsory redundancies will always be a last resort.”

Unite national officer Dominic Hook says: “Since 2009, Lloyds has slashed a quarter of its workforce. It is a complete disgrace that the bank, which is 41 per cent owned by the taxpayer, continues to cut jobs in such a cavalier way.”

Highclere Financial Services partner Alan Lakey says: “Excess staff are a drain on resources and while it is clearly sad news for those affected by the cuts, unfortunately that is a reality of commercial life.”

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Comments

There is one comment at the moment, we would love to hear your opinion too.

  1. if they stopped paying huge bonues to execs and spivs for just ‘doing their jobs’ then that alone would save all of these jobs. They have a duty NTO JUST TO THE SHAREHOLDER but to the workforce. Cheif exec bonus alone would proably keep 300 jobs for a year.

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