Economic demise: Lloyds Bank to axe 865 jobs across UK

Lloyds Bank are planning to cut 865 jobs as they are to simplify the business.

Economic demise: Lloyds Bank to axe 865 jobs: The cuts will take place across insurance, wealth and retail teams.

Lloyds Bank said that they are pushing ahead with the announcement made in February that 780 jobs will go. However, the move was placed on hold due to the pandemic.

A Lloyds spokesperson states. “When the pandemic began in March, we suspended all planned structural changes and made a number of commitments to colleagues. In order to give them as much support as possible during this period of uncertainty.”

“This included continuing to pay colleagues in full regardless of their working circumstances. Also pledging that anyone placed on notice of redundancy would not leave the group before October. Both of which we remain fully committed to.”

“Following changes announced today, we can confirm a net reduction of 639 roles. These changes primarily reflect our existing plans to simplify parts of our businesses, which were in place prior to Covid-19.”

UK trade union Unite reacted with “dismay” to this news.

Rob MacGregor, Unite national officer, comments: “Unite is extremely worried about the future prospects of the 860 staff being told that they will lose their jobs during these very challenging times. While the creation of 220 jobs is to be welcomed this will be no comfort to those members of staff who will from today face an uncertain future.”

He adds: “Unite has challenged Lloyds Banking Group (LBG) senior management to ensure all those affected by these latest proposed job cuts are given the option to remain working for LBG and do not enforce any compulsory redundancies.”

It comes as other banks are forced to close sectors and let people go.

Australian bank Suncorp says it will close 19 stores and one business centre in locations across Queensland, New South Wales and Victoria.

It cited digital banking as the reason.

The number of job cuts have not been revealed.


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