Financial News

  • 29 January 2014, 14:50

Lloyds Cuts 1,390 Jobs Amid Strategic Review

Lloyds Banking Group is cutting 1,080 jobs and outsourcing another 310 roles, the company has confirmed.

It said the losses are part of the strategic review, previously announced in 2011.

The cuts affect the retail, risk, operations and commercial banking divisions.

The company said 90 new roles would be created within the risk, operations and commercial departments.

The taxpayer-backed group hoped a number of roles would be shed through natural wastage.

Voluntary redundancy would be an option and compulsory cuts taken where necessary as a "last resort".

Lloyds said that since the strategic review about a third of job losses have resulted in redundancies.

The bank said in a statement: "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, Unite and LTU were consulted prior to this announcement and will continue to be consulted."

The Unite union slammed the job losses and said nearly 35,000 people have been affected at the bank since 2008.

Unite national officer Rob MacGregor said: "While staff at Lloyds Banking Group continue to work hard to deliver half year profits of 2.1bn, management has confirmed it is to give 1,390 staff another kick.

"Lloyds Banking Group is well on the road to recovery, with the CEO being recently rewarded handsomely with a share bonus in the region of 2.5m, yet staff are being made redundant.

"Unite will continue to oppose these job losses and has sought an urgent meeting with Lloyds to outline the union's concerns."

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