Lloyds Banking Group to axe 1,585 jobs

Lloyds Banking Group have announced over 1,000 job cuts. Picture: AP

Lloyds Banking Group have announced over 1,000 job cuts. Picture: AP

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LLOYDS is to axe 1,585 jobs in its retail, group operations, commercial banking and finance sections as part of previously announced 9,000 cuts, staff have been told.

The bank, 9% owned by the taxpayer, said it would try to achieve the cuts through voluntary redundancy, with compulsory lay-offs being a “last resort”.

A union leader said staff in Lloyds Banking Group have been living with the worry of redundancy since 2009, adding that the job losses were not over yet.

The bank said the job losses were part of its three-year strategy, adding: “The reductions are within retail, group operations, commercial banking, consumer finance, legal and group finance.

“The net total is inclusive of 170 new roles that will be created across retail, commercial banking and legal.

“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 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.”

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