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.”