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Lloyds announces job cuts as restructure bites

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Lloyds Banking Group plans to cut hundreds of jobs across the business as part of a radical restructure at the banking giant.

The bank has today announced 635 net role reductions across its retail, commercial banking, consumer finance, risk, finance, human resources and group operations divisions.

The net total includes around 65 new roles that will be created as part of the restructure.

Lloyds says: “Lloyds Banking Group 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, Unite, GMB and LTU were consulted prior to this announcement and will continue to be consulted.

“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.”

The job cuts are part of a group-wide effort to reduce costs by £1bn. Around 15,000 roles in total are expected to be axed in the restructure.

Unite national officer for finance Rob McGregor says: “While those at the top are rewarded for the group’s rising share price, once again staff who have worked for that success receive all the pain and little of the profits.

“Unite demands that all impacted workers are offered meaningful and realistic job alternatives within the group.”

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Comments

There are 10 comments at the moment, we would love to hear your opinion too.

  1. By your side for 250 years.

  2. As someone who was made redundant by Lloyds earlier this year I can confirm the grass is significantly greener on the other side!

    • Gordon Griffiths 3rd July 2015 at 6:48 am

      It is alot greener totally agree…no more conference calls 3/4 times a day…no more pointless meetings for 8 hours a day…no more regional managers who are seen as good team players who encourage staff to use ideas but just bully their own ideas through anyway…and the bank dont have targets anymore just you have to say how many people you have helped today…same thing in my eyes.

  3. John-Dale McCallum 1st July 2015 at 1:00 pm

    As companies become more digital based then job cuts are inevitable. Can’t say this is a surprise – banks still seem to have too many branches in certain areas, not just Lloyds, and cuts amongst the Financial Groups is a certainty. The world keeps turning and companies keep evolving – that’s life.

    • As long as you have a job – eh?

      • John-Dale McCallum 1st July 2015 at 3:08 pm

        Strange view-point… just stating a simple fact. Not saying that it is right or wrong, just how the world is. With or without Lloyds employment the world will continue to turn. For me? I’ve always been in work and not always with a bank, wouldn’t bother me too much as I would soon find other employment… just as Stephen Jolly clearly has!!

  4. Rt Hon Sir Arthur Streeb-Greebling 1st July 2015 at 1:34 pm

    Oh Dear! Who is going to deal with the 3,000 mis-selling (alleged) complaints a day now? This is another fine mess you’ve gotten me into Stanley!

  5. Grant Mitchell 1st July 2015 at 1:41 pm

    It may just be that senior management are so inept, and therefore so devoid of any other ideas or means of creating profit now that the fleece all of your customers option has ( hopefully) been removed that the only way is to cut and cut. Two thoughts one for the poor souls who will lose their jobs, although they hopefully will soon see the better real world beyond the bank, the other for the customers who lack vast numbers of experienced staff to deal with their queries or to give advice. You can create as much technology as you wish but there will always be a vast core who want a face to face experience. The banks need to think about how they railroaded millions in the last decade to use internet services and now they cant get the footfall to promote face to face, as I said inept short termism but who cares when right at the top you’ll get a handsome payoff for your years of incompetence

  6. I have a theory (it may have merits or it may be bollocks you decide)

    The more costs and the mechanisms of running a business increase, the more they stop being inventive and the more they shrink, costs increase to the end user to remain static !

    People may call this progress, evolution, or (as mentioned earlier) a fact of life ?

    Personally I don’t buy that, those are just words to justify the actions !

    Put a horse in a field and it will run, make it pull a cart (it wouldn’t choose to do it freely) and you will need to smack its arse to move at all !

  7. Working for a bank these days must be sole destroying?

    John-Dale McCallum

    ‘For me? I’ve always been in work and not always with a bank, wouldn’t bother me too much as I would soon find other employment…’

    Bit of a smug statement that don’t you think? Not everybody will feel so confident and someone say; aged 55 onwards may fear for their future.

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