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Lloyds Banking Group to cut nearly 300 jobs

Lianna Brinded
·Head of Yahoo Finance UK
A sign hangs outside a Lloyds Bank branch in London, Britain, February 21, 2017. Picture taken February 21, 2017. Photo: REUTERS/Toby Melville/File Photo
A sign hangs outside a Lloyds Bank branch in London, Britain, February 21, 2017. Picture taken February 21, 2017. Photo: REUTERS/Toby Melville/File Photo

Lloyds Banking Group (LLOY.L) is cutting 292 jobs from Fareham, Birmingham, London, Halifax, and Chester sites, according to the union Unite.

In a statement sent to Yahoo Finance UK, Unite said it “challenged” the bank’s decision to axe staff as part of Lloyds’ cost cutting drive, the Strategic Review 3 plan.

“The loss of a further 292 committed and hardworking staff from Lloyds Banking Group is appalling. Unite is seeking urgent clarification about the future of the remaining workforce at the impacted sites,” Rob MacGregor, Unite national officer, said in a statement.

“Unite has strongly objected to the reductions in sites and job roles announced today, especially against the backdrop of the continual use of agency staff and contractors. Unite is demanding that LBG cease the job cuts and closures in order to fully review the number of temporary and contract staff within the company.

“The bank’s major restructuring plans have already led to hundreds of bank branches, offices and departments being closed or merged with thousands of staff losing their jobs.”

Lloyds told Yahoo Finance UK that there was, in fact, a net 270 role reduction in its operational and support teams.

“The changes involve gross role reductions of 490 and the creation of 220 new roles, as we continue to evolve and adapt to the changing needs of our customers,” a spokesperson said in an emailed statement to Yahoo Finance UK.

“The new roles, and the significant up-skilling of our colleagues, form part of the £3bn commitment we have made over the course of the next three years to invest in technology and people. This is our biggest ever investment in our people, and involves increasing training hours to 4.4 million hours per year.

“Since 2011, over 90% of role reductions have been achieved through a combination of natural attrition, redeployment and voluntary redundancy. Where it is necessary for employees to leave the company, we will look to achieve this by offering voluntary redundancy. Compulsory redundancies will always be a last resort.”