Lloyds Cuts 1,750 Jobs In Latest Shake-Up

A union has warned of "constant fear" about job losses at Lloyds Banking Group (Other OTC: LLOBF - news) after the taxpayer-backed lender announced its latest tranche of staff cuts.

The bank said the 1,755 roles affected were across the group and formed part of the 9,000 reductions previously announced when it launched a three-year turnaround strategy in 2014.

Ever since, it has made a series of announcements on where the axe was to fall - the latest coming on Wednesday - though Lloyds said it was also creating 170 new roles.

Its three-year plan has focused on bolstering its digital operations and making it ready for a return to private hands following its Government bailout in 2008.

That was due to be completed this year but the Government pulled the plug on the final sale last month because of global financial market turmoil.

Lloyds also confirmed on Wednesday it was closing 29 branches from June across its bank brands - the majority of them Lloyds.

Its statement on the job losses said: "Lloyds Banking Group is committed to working through these changes with employees in a careful and sensitive way.

"All affected employees have been briefed by their line manager today".

It (Other OTC: ITGL - news) added: "The group’s policy is always to use natural turnover and to redeploy people wherever possible to retain their expertise and knowledge within the group. Where it is necessary for employees to leave the company, it will look to achieve this by offering voluntary redundancy. Compulsory redundancies will always be a last resort".

The Accord union, which represents staff, told Sky News the threat of job losses at the bank since 2009 was taking its toll on their nerves.

General secretary Ged Nichols (LSE: NICL.L - news) said: "Today’s job loss announcements mean that we're 60% through a three-year programme that will cost around 9,000 jobs.

"But in the Lloyds Banking Group we're now into our 8th year of job losses resulting from the financial crisis of 2008.

"Understandably, many of the troops are weary but they have shown great resilience and commitment."

"Our members generally love their jobs and the customers they serve but there needs to be a compelling vision of a secure and dignified future in the banking industry that replaces the constant worry about job losses.

"We want to build this future with decent employers who do the right thing by their customers and their employees (Other OTC: UBGXF - news) ."