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Lloyds cuts 200 insurance jobs

25 August 2009  |  5790 views  |  0 Lloyds TSB branch

Lloyds Banking Group is cutting 200 back office positions at its general insurance unit, taking the total number of jobs axed this year to 7500.

The bank, 43%-owned by the taxpayer, says around 115 roles could be lost in West Yorkshire and up to 50 in Newport, South Wales, by January.

The sales, marketing, actuarial and underwriting jobs losses are the result of moves to combine the support functions of the Lloyds TSB and HBOS general insurance division.

Affected staff were informed today. Lloyds says its "preference" is to use natural turnover and to redeploy people wherever possible, with compulsory redundancies a last resort.

News of the latest cuts come just a week after Lloyds backtracked on plans to close all 164 Cheltenham & Gloucester branches, saving hundreds of jobs.

Rob MacGregor, national officer, Unite, says: "We have no confidence in this bank's confused strategy. Only last week LBG decided to abandon the closure of the Cheltenham & Gloucester branch network bringing a reprieve for 900 staff. This week it's cutting over 200 jobs."

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