Lloyds announces hundreds of staff to go in latest round of job cuts

The lender said the latest phase of the restructure will see a net reduction of its workforce of 635.

The cuts will affect Lloyds’ retail, commercial banking, consumer finance, risk, finance, human resources and group operations divisions.

The net total includes around 65 new roles that will be created as part of the restructure.

Lloyds said: “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, GMB and LTU 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.”

Unite national officer for finance Rob McGregor said: “While those at the top are rewarded for the group’s rising share price, once again staff who have worked for that success receive all the pain and little of the profits.

“Unite demands that all impacted workers are offered meaningful and realistic job alternatives within the group.”