Lloyds Job Cuts: Union Backs Bankers
Lloyds Banking Group is cutting a further 550 jobs, sparking a renewed attack on the bank's employment strategy by Unite.
The union said the losses, on top of 1,340 job cuts announced in January, were taking place against a backdrop of rising numbers of agency employees.
Unite national officer Dominic Hook said: "Lloyds cannot continue to cut now then ask questions later.
"It's madness that the bank has so many agency workers when it's cutting so many permanent jobs.
"Lloyds is looking for a period of stability and growth but it won't be achieved by continuous and damaging job cuts. The bank must put an end to mass redundancies and instead foster job security, pay workers fairly and concentrate on customer service."
The bank said: "All affected employees have been briefed by their line manager today. The Group's recognised unions Accord, Unite and LTU were consulted prior to this announcement and will continue to be consulted."
The job losses confirmed by the bank earlier this year also hit the insurance, retail, wealth and international and commercial divisions.
Lloyds, which is 39% owned by the taxpayer, reported a loss for last year of £570m, down from £3.5bn in 2011.
The loss was attributable to a £3.5bn provision during 2012 for mis-selling payment protection insurance, £1.5bn of which was taken during the fourth quarter.
Lloyds paid out £365m in bonuses for the year, with an employee average of £3,900.
Earlier this month, the Government signalled that it would begin within months the sell-off of its stake in the bank when the lender's share price hits 61p - a far lower level than previously thought.