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Lloyds Banking Group cuts 1,100 more jobs

Lloyds Banking Group is cutting almost 1,100 more jobs in its retail, risk, operations and commercial banking divisions.

A further 90 roles will be created across risk, retail and commercial banking with another 310 mail processing jobs outscourced to Communisis.

The only branch staff redundancies are commercial banking relationship managers with the other roles based in back office or operations.

All affected employees have been briefed by their line manager today. The unions Accord, Unite and LTU were consulted prior to the move and will continue to be consulted.

The bank says its policy is always to use natural turnover and redeploy people wherever possible before moving to voluntary and compulsory redundancies.

Accord says it will do “everything possible” to avoid compulsory redundancies.

The cuts are part of the bank’s three-year strategic review launched in June 2011 which aimed to cut 15,000 jobs. Lloyds stil has to cut a further 2,240 jobs to meet its targets.

Accord’s Ged Nichols says: “The bank is profitable again, there is talk of resuming dividends to shareholders and of the Government selling its stake in the bank.

“However, employees in Lloyds are not sharing fairly in this rising prosperity. The salaries of loyal and hardworking bank staff have not kept pace with inflation in recent years, the bank has proposed cutbacks on pensions, variable pay has been reduced for many yet the jobs haemorrhage continues.

“It is about time the bank matched its treatment of staff to its aspiration to be Britain’s most trusted bank. The trust the workforce has in management is being seriously undermined and it is time to restore the balance.”

The Government is aiming to sell its 42 per cent stake in Lloyds by the end of 2014 after starting some share sales last year.

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