11 February 2016

Lloyds cuts 570 jobs; looks to outsourcing

18 March 2011  |  10423 views  |  0 Lloyds web screen shot logo

Lloyds Banking Group has outlined plans to cut another 570 jobs and outsource hundreds more as part of its ongoing integration of Hbos.

The cuts will come at the wholesale, retail, insurance and human resources units, taking the number of job losses at the part-state-owned lender to over 26,700 since the Lloyds TSB-Hbos merger two years ago.

In addition, 450 jobs are being transferred as the bank outsources some cheque and credit processing services, mailroom and payroll functions, to third-party provider iPSL, a joint venture between Unisys, Barclays and Lloyds and HSBC.

David Fleming, Unite national officer, says the news will be "met with despair" by staff "just two weeks ago this taxpayer supported organisation announced profits of £2.2 billion".

Comments: (0)

Comment on this story (membership required)
Log in to receive notifications when someone posts a comment

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board, sign up now.

Related blogs

Create a blog about this story (membership required)

Related stories

13 October, 2010
30 June, 2010
25 August, 2009
30 June, 2009
09 June, 2009
03 June, 2009
22 May, 2009
02 October, 2008
14 May, 2008

Related company news

 

Top topics

Most viewed Most shared
UK sets out open banking API framework
12487 views comments | 87 tweets | 81 linkedin
Visa opens up to developers
9234 views comments | 25 tweets | 41 linkedin
European mobile banking service Pocopay go...
7732 views comments | 24 tweets | 14 linkedin
How to accelerate your fintech startup
6791 views comments | 31 tweets | 9 linkedin
Wearable payments startup Fit Pay secures...
6386 views comments | 26 tweets | 9 linkedin

Featured job

£100,000 basic, £180,000 OTE + Benefits
London

Find your next job