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Lloyds resumes job cutting programme

Lloyds resumes job cutting programme

UK high street giant Lloyds is axing 865 jobs as it resumes a restructuring programme that was put on hold at the beginning of the Covid-19 pandemic.

The losses, in back office processing functions and head office departments, will be partially offset by the creation of 226 new roles.

The bank says that the cuts will not kick in until at least November, adding that it will give training and support to help those affected find new positions.

Rob MacGregor, national officer at union Unite, criticised the move, arguing that "the pandemic has demonstrated the amazing resilience and flexibility of this workforce".

Adds MacGregor: "The employer should not focus solely on cutting jobs and costs but instead the bank should invest in a workforce that has only shown loyalty, dedication and hard work through the good times, and the bad."

Lloyds' move is in line with a decision in June by HSBC to resume its job cutting programme, which was briefly halted in the face of the coronavirus crisis.

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