Lloyds axes another 625 jobs

Lloyds Banking Group is axing another 625 jobs in an overhaul of its wholesale banking division.

The group says the redundancies are due to the merging of its corporate and small-business lending divisions.

Jobs will go from sites in Scotland, England and Wales.

Lloyds says it will create 300 positions in its new wholesale banking department. It says it will try to redeploy some affected staff.

The firm announced last month that it is to cut 985 jobs over two years at it car loan business.

It also revealed plans to merge Clerical Medical and Scottish Widows sales forces, resulting in 305 job losses.

Wholesale division chief executive Philip Grant says: “Our objective is to create one industry-leading wholesale bank for the group.

“The changes we are making will help us ensure we have the right organisation to meet the needs of the market.

“At the same time, we are committed to working through these changes with our colleagues carefully and sensitively.

“We will seek to make these changes by using natural turnover and redeployment wherever possible.”

Unite national officer Rob MacGregor says: “Unite is furious that the Lloyds Banking Group has again announced several hundred job losses today. This latest decision appears to suggest that the bank is embarking on a strategy of ‘death by a thousands cuts’.

“The hardworking and dedicated workers across the Lloyds Banking Group have coped with the uncertainty about their futures for far too long. It is now time for their employer to come clean with their plans and not leave staff in this state of uncertainty any longer.”

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