View more on these topics

Lloyds cuts 940 jobs

Lloyds Banking Group 480

Lloyds Banking Group is cutting 940 jobs across the company including 300 job losses from its retail and wealth and international divisions.

The roles at risk in the retail and wealth international teams include Bank of Scotland branch staff, retail marketing and facilities management.

Other affected divisions include group operations, insurance, and commercial divisions. The latest wave of job cuts forms part of the 15,000 job losses announced by the bank in June 2011 in a bid to reduce costs by £1.5bn a year by 2014.

Affected staff were told about the job cuts today.

A Lloyds spokesman says: “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: “Since 2009 Lloyds has slashed a quarter of its workforce. It is a complete disgrace that the bank, which is 41 per cent owned by the taxpayer, continues to cut jobs in such a cavalier way.
 
“Unite has warned Lloyds if it is looking for a period of stability and growth to return it to profitability, this cannot and will not be achieved by continuous and damaging job cuts. Unite opposes these cuts and will be doing everything possible to stop compulsory redundancies.”

It follows news last week that Halifax is cutting 170 roles across its branch network including customer managers, counter managers and business managers.

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

There are 4 comments at the moment, we would love to hear your opinion too.

  1. I guess someone has to pay the price for employing Mr Sants!

  2. I read in an earlier report that they aren’t cutting the top peoples bonuses

    You have to love the simplicity of the RDR, take away a consumers right to spread the cost of investment advice via the product charges and commission and hey presto, close down the Uk financial services investment industry.

    Job Done!

  3. If Unite want to make a difference they can highlight the ‘unintended consequences’ of the RDR and the people who conceived it, then left the FSA for pastures new. I’m an IFA with no love for the banks but the staff have families and homes to pay for but no one seems to care about the drastic consequences of this ridiculous legislation.

  4. RDR!?! Why does everything here return to RDR as the villan?
    The bank has been cutting costs for years – nothing to do with RDR!
    Branch staff and facility management jobs are nothing to do with RDR!
    Typical of contributors on these boards to blame RDR for everything within FS.
    This is more down to the bad move by Lloyds to bail the government & HBOS out a few years ago.
    Yet again the front-line staff are the ones to be hurt.

Leave a comment

Close

Why register with Money Marketing ?

Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

News & analysis delivered directly to your inbox
Register today to receive our range of news alerts including daily and weekly briefings

Money Marketing Events
Be the first to hear about our industry leading conferences, awards, roundtables and more.

Research and insight
Take part in and see the results of Money Marketing's flagship investigations into industry trends.

Have your say
Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

Register now

Having problems?

Contact us on +44 (0)20 7292 3712

Lines are open Monday to Friday 9:00am -5.00pm

Email: customerservices@moneymarketing.com