Bank of Scotland owner Lloyds takes axe to hundreds more jobs

Bank of Scotland owner Lloyds Banking Group plans to cut a further 1,070 posts as part of its major restructuring programme.

Lloyds Banking Group has been undertaking a major transformation programme designed to help the financial giant 'adapt to customers’ changing needs'. Picture: Ian Rutherford
Lloyds Banking Group has been undertaking a major transformation programme designed to help the financial giant 'adapt to customers’ changing needs'. Picture: Ian Rutherford

The move marks the latest round of redundancies as part of ongoing transformation plans designed to help the financial giant “adapt to customers’ changing needs”.

The latest move will mainly impact staff working in its group transformation and retail banking teams, but will result in no further bank branch closures.

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Lloyds said the changes will result in a net reduction of some 730 roles, as it will also create a further 340 positions across the business.

In September, the group, which also owns Scottish Widows, unveiled plans to cut 865 jobs mainly in its insurance, wealth and retail teams.

A Lloyds Banking Group spokeswoman said: “This morning we shared changes to some of our teams and we can confirm a net reduction of around 730 roles.

“These changes reflect our ongoing plans to continue to meet our customers’ changing needs and make parts of our business simpler.

“The majority of colleagues briefed today will not leave until January at the earliest.

“We will help colleagues who are affected find new roles and redeployment opportunities wherever possible and everyone will be given access to a package of training and support designed to help them secure their next position, whether within or outside of our business.

“Change does mean making difficult decisions and our focus remains on supporting our customers, colleagues and communities.”

The Unite union branded the move as a “shameful decision”, and called for the group to postpone its restructuring efforts amid the rising threat of Covid-19.

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