Lloyds to slash 1,070 jobs

Lloyds to slash 1,070 jobs

Lloyds Banking Group is to cut 1,070 jobs, principally from its group transformation and retail bank teams, the latest in a wave of job losses at the UK bank.

The UK banking group, which has been undergoing a marathon rationalistion programme stretching back several years, says the latest job losses will be partially offset by the creation of 329 new roles, resulting in a net loss of 730 jobs.

The high street giant axed 865 jobs in September as it resumed a restructuring programme that was put on hold at the beginning of the Covid-19 pandemic.

Unite the union has branded the decision as "shameful", coming on the back of a strong third quarter results statement which saw the bank recording over £1 billion in pre-tax profit.

Rob MacGregor, Unite national officer says: “Unite cannot comprehend why LBG would choose to cut 1,000 staff who have given the bank such commitment and dedication during a global pandemic. These staff have worked tirelessly despite any risks to themselves. It is impossible to reconcile the job losses announced today with such an improved balance sheet."

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