View more on these topics

Lloyds to slash 500 more jobs

Lloyds Banking Group is to cut 500 staff from its business and retail arms.  

The bank says the cuts are the latest tranche of 15,000 job losses announced in its 2011 Strategic Review, with a total of 13,555 posts now cut.

The bank says 175 of the job losses will apply to vacant posts and temporary staff but is unable to say how many will be a result of compulsory redundancy.

A Lloyds Banking Group 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. In fact, since the strategic review in 2011 around only a third of role reductions have led to people leaving the group through redundancy.”

“All affected employees have been briefed by their line manager today. The group’s recognised unions were consulted prior to this announcement and will continue to be consulted.”

The bank is letting go 100 customer service managers after reducing the number of advisers by 20% in the past few years.

Unite national officer for finance Rob MacGregor says the cuts bring the total number of jobs lost at the group since 2008 to 30,000.

He says: “We have major concerns that Lloyds seems comfortable in announcing continuous salami slicing job losses on a bi-monthly basis which exacerbates our members’ fears and worries about their future.

“We are calling on the Lloyds Banking Group to halt this ongoing running sore and to finally recognise that its employees are the greatest asset that this bank – and every other financial institution – has.”



Aviva pays out 93% of IP claims

Aviva paid out on 92.8 per cent of income protection claims in 2013, latest figures reveal. The insurer paid an average of £35,342 in IP claims per day, with a total payout of £12.9m in the year. The most common reason for claim was mental health conditions, accounting for 31 per cent of all claims. Musculoskeletal […]


What advisers are saying: Working out the value of social media

Yesterday, this is the number of times I checked the following applications, whether on my phone or laptop: Facebook: 9; LinkedIn: 4; Twitter: 12. Now, let’s say I spent an average of three minutes on site every time I checked one of these social media platforms: 25 x 3 minutes = 75 minutes. Blimey! MyTouchstone database […]

Wayman-Caroline-FOS-2013 700 x 450.jpg

FOS issues payday lender warning as complaints rocket

The Financial Ombudsman Service has warned complaints about payday lenders have more than doubled in the last two years but says the increase is likely to be only the “tip of the iceberg”. New statistics published today show that in the 2013/14 financial year the FOS tackled 794 new payday lending complaints, up from 542 […]

Sticking to valuation discipline when investing in China

Journalist Alexis Xydias discusses the opportunities – and potential pitfalls – of investing in China with Artemis fund manager Peter Saacke. With Peter holding significant positions in China in the Artemis funds he manages, journalist Alexis Xydias quizzes Peter on the risks of investing in Chinese stocks – including over-valuations, margin trading and financial reporting issues. Click here for video


News and expert analysis straight to your inbox

Sign up


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

  1. around 90% of staff voted against changes to their pension schemes and Lloyds changed them anyway…not a good place to be staff any more IMO

  2. Grant Mitchell 9th July 2014 at 3:22 pm

    Voluntary Redundancy the greatest gift Lloyds can possibly give you, you will realise there is life beyond the crushing stench of a morally bankrupt organisation. You will after 6 months of freedom ask yourself why didnt I do this years ago…..but with a self indulgent grin you can keep telling yourself they paid you handsomely to go. Fabulous management from the Portuguese …how to screw a profit for the shareholder, get rid of all the experience and good that was within the organisation because there is a vacuum for ideas on how to turn a profit any other way just ask Santander where the circus resided previously. The smiles keep coming with each and every regulatory fine.

  3. Dave

    Stop whinging

    At least bank staff in most banks have a pension and many have jobs

    Spare a thought for the way banks in general have treated some of their customers over the last few years they have no job or pension and in some case lost their home and business

    They should count themselves lucky

  4. Grant
    Well said Sir- I could not have out it better myself.
    Talk about a blessing in disguise. 1 year into my career as an IFA and I secretly and publicly thanking the Black Horse for setting me free!
    It is the Clients that have been left high and dry, with no communication that their advisers has been made redundant but aware that the bank continue to charge a % for a service that does not exist. That is just another PPI explosion waiting to happen.
    Like I said, it is good to be free but I still retain a sense of sadness for the all good folk still trapped inside.
    Vive Le revolution!

Leave a comment


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