Lloyds Banking Group to cut another 1,070 jobs

Lloyds Banking Group has said it plans to cut another 1,070 jobs as part of its major restructuring programme.

It is the latest set of redundancies as part of ongoing transformation plans designed to help the company “adapt to customers’ changing needs”.

The move will mainly affect staff in its group transformation and retail banking teams, and will result in no further bank closures, it said on Wednesday.

Lloyds said its latest restructuring move will result in a net reduction of around 730 roles, as it will also create a further 340 positions across the business.

In September, it unveiled plans to slash 865 jobs mainly in its insurance, wealth and retail teams.

A Lloyds Banking Group spokeswoman said: “This morning we shared changes to some of our teams and we can confirm a net reduction of around 730 roles.

“These changes reflect our ongoing plans to continue to meet our customers’ changing needs and make parts of our business simpler.

“The majority of colleagues briefed today will not leave until January at the earliest.

“We will help colleagues who are affected find new roles and redeployment opportunities wherever possible and everyone will be given access to a package of training and support designed to help them secure their next position, whether within or outside of our business.

“Change does mean making difficult decisions and our focus remains on supporting our customers, colleagues and communities.”

The Unite union has branded the move as a “shameful decision”, and called for the bank to postpone its restructuring efforts amid the rising threat of Covid-19.

Rob MacGregor, Unite national officer, said: “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.”