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Lloyds Banking Group cuts 645 more jobs

Lloyds Banking Group is cutting 645 jobs as part of the bank’s ongoing strategic review.

Cuts are being made across the bank’s group operations, HR, consumer finance, retail and commercial banking divisions.

Lloyds says 65 roles are also being created across group operations and retail.

Around half of the cuts relate to the bank’s decision to close its telephone banking centre in Warrington in the first quarter of 2015. 

The cuts are part of a plan announced by the bank in June 2011 to cut 15,000 jobs by 2014 in order to make cost savings of £1.5bn a year.

Lloyds says that following today’s announcement, it has now made 13,055 of those job cuts.

A spokesman for 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 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.”

In January, the bank announced 1,100 job cuts in its retail, risk, operations and commercial banking divisions.

Unite national officer Rob MacGregor says: “This is the third tranche of job losses since the beginning of the year and is in danger of sending staff morale to an all time low.

“The closure of the Warrington centre will hit the local economy and risks damaging customer service. Lloyds needs to give its workforce stability and guarantees of no compulsory redundancies.”

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Comments

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  1. Ruaraidh Thomas 28th May 2014 at 11:57 am

    Undoubtedly, there is a cost benefit to driving customers online but this means banks will need to place greater emphasis on the clarity of communication. In financial services, the written word can be open to interpretation, so there will always be a need for immediate clarification, which a human can give you on the phone.

    Customers should be able to interact with any brand, through the channels and platforms that they choose, and the truth is any touchpoint is an opportunity to collect valuable information which can then be leveraged to improve the service provided. With this in mind, banks should look to offer customers a choice of using the call centre when needed, with other channels also being supported such as online and social in a seamless manner. I hope that this is Lloyds’ plan rather than turning off the call centre choice entirely, which could leave many customers disgruntled.

    Ruaraidh Thomas, MD, The GIG at DST

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