Lloyds Banking Group has announced 1,300 job cuts across its group functions, retail, group operations and wealth and international divisions.
Most of these job losses were included in Lloyds’ strategic review in June, which forecast 15,000 job losses as part of package of cuts aimed at making annual savings of £1.5bn by 2014.
Since Lloyds began integrating its Halifax Bank of Scotland and Lloyds TSB businesses in February 2009, the bank has announced over 30,000 job losses.
Accord union general secretary Ged Nichols says: “Today’s confirmation that Lloyds is to shed another 1,300 jobs primarily from its risk and corporate divisions across the UK is terrible news for those affected. The impact on employee morale of these incessant job cuts is awful.”
Unite union national officer David Fleming says: “This latest decision is astonishing and will send ripples of shock across the entire business as it signifies the reality and misery that faces hard working staff.
“Unite is demanding that Lloyds puts to an end the widespread practice of employing agency and temporary staff while making thousands of permanent employee redundant. This approach is abhorrent and instead Lloyds should be redeploying and retraining its existing workforce to limit the impact caused by its restructuring plans.”
A Lloyds spokesman says: “Lloyds Banking Group 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, Unite and GMB were consulted prior to this announcement and will continue to be consulted.
“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.”