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Lloyds cuts 850 jobs

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Lloyds Banking Group is cutting around 850 jobs as part of the bank’s ongoing strategic review.

Cuts are being made across the business including Lloyds’ commercial banking, retail, group operations, and group executive functions divisions.

Other affected divisions include finance, insurance and wealth, asset finance and international.

The bank says around 275 roles are also being created, mainly in Belfast and Scotland.

The job cuts come on top of around 370 roles that are transferring to Sainsbury’s after the supermarket giant decided to buy Lloyds out of its stake in Sainsbury’s Bank yesterday.

The latest wave of job cuts at Lloyds follows a reduction of 940 jobs in January and 550 jobs in March. The losses 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.

In a statement, Lloyds says: “Lloyds 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.”

Unite national officer, Dominic Hook says: “Lloyds is celebrating a return to profit and there are hints of dividend payouts to shareholders but the bank’s workers are in constant fear that they will be next for the chop. This is no way to treat staff.

“It is time to urgently review this continuous tide of cuts and build the bank’s strength.” 

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Comments

There are 2 comments at the moment, we would love to hear your opinion too.

  1. Why is there never a corresponding cut in the number of jobs at the top or a corresponding reduction in salaries for those at the top – after less staff means less responsibility.

  2. I think you mean ‘fewer staff’

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