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.”