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Lloyds cuts 570 jobs; looks to outsourcing

18 March 2011  |  10618 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".

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