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Lloyds cuts another 325 jobs

Lloyds Banking Group has announced a further 325 job cuts from its wholesale and group operations divisions as part of its integration with HBOS.

The bank announced its takeover of HBOS in September 2008. The latest announcement takes the total number of job cuts since the merger process began to over 27,000.

The bulk of job losses will come from the group’s wholesale division, which offers business lending and includes the bank’s corporate markets arm. Affected staff are likely to be those in sales support, business management and back office.

Group operations are also likely to be affected, with reductions in I.T.

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 recognised unions Accord, LTU and Unite were consulted prior to this announcement and will continue to be consulted throughout the process.

“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 severance. Compulsory redundancies will always be a last resort.”

The latest wave of job cuts at Lloyds comes one month after the bank announced 570 job losses and the closure of its Cheltenham & Gloucester mortgage range through advisers.


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There are 8 comments at the moment, we would love to hear your opinion too.

  1. ““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”
    Hmm the policy doesnt seem to have worked 27000 times there cant be much expertise and knowledge left

  2. Will the last person out please remember to turn out the lights and put the answering machine on.

  3. Glad I got out of that bank at the right time. They don’t care about staff, you are just another adviser in the production line. So glad to be working for myself and stress free. What goes aroung comes around and the people who made my life hell will suffer in the end.

  4. The ‘fat cats’ get fatter and the ordinary staff are thrown out on the street. As a Lloyds shareholder I am embarrassed to see a company that I hold a share in treating staff in this manner. Management should be ashamed ! Time to vote with my pocket.

  5. ‘redeploy people wherever possible to retain their expertise and knowledge within the group’ ha ha, chuckles to himself. HBOS was a great company before those idiots took over.

  6. as one of the 27000 it saddens me to see a once great Scottish company systematically lose its’ expertise and experience, not to mention identity, whilst those that caused much of the mayhem continue along their merry – and lucrative – way.

  7. Gotta agree.

    Lloyds is an awful company and place to be. Glad I got out last year when they ruined hbos and took us back 10 yrs.

  8. Would have been much better off keeping the HBOS systems and migrating the Lloyds accounts on to these!!!

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