More than 1,300 Lloyds Banking Group employees have been told they will lose their jobs in the latest round of cuts at the bank.
The 1,340 job losses are part of a three-year restructuring plan first announced in 2014, which set out plans to axe a total of 9,000 jobs, the Financial Times reports.
The cuts represent just under 2 per cent of the bank’s workforce, and will affect a wide range of departments including operations, retail, finance, risk and customer products and marketing.
The bank told the paper that 110 new roles would be created and voluntary redundancy would be offered where possible if staff could not be redeployed.
Though the latest round of cuts is not related to the Brexit vote, Lloyds has said it intends to axe a further 3,000 jobs on top of its 2014 redundancy plan in light of the EU referendum result, taking the total number of jobs set to go by the end of 2017 to 12,000.
Nearly three-quarters of that target has been met so far.
A Lloyds spokesperson told the paper: “This process involves taking difficult decisions, and we are committed to working through these changes in a careful and sensitive way. All affected employees have been briefed by their line manager today.”
Last week, Chancellor Philip Hammond announced that shares in Lloyds – in which the Government still owns a £3.6bn stake – would not be sold to retail investors as previously planned.