Lloyds takes the axe to more staff

Lloyds takes the axe to more staff

Lloyds Banking Group is sharpening the axe once again, announcing plans to cut a further 1,340 jobs as part of a cost-cutting strategic review.

The latest round of job cuts, which will hit staff operating in retail, group operations, marketing and finance and risk division, follows a pledge in July to slash 3000 jobs and close 200 branches in order to save an extra £400m by the end of 2017. The bank has already removed 4000 positions this year under plans announced in 2014 to lose 9000 jobs by the end of 2017.

Lloyds actions have been condemned as "horrific" by labour union Unite.

Rob MacGregor, Unite national officer, says: “1,340 job losses within this taxpayer backed institution are wholly unacceptable. Unite will oppose all job losses and challenge senior management to ensure all those affected by this latest round of announcements be offered alternative suitable employment.”

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