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Lloyds makes 'difficult decision' to cut 450 more jobs

Lucy Burton
The cuts come barely two months after Lloyds said would slash 1,200 roles and shut 49 branches

Britain's biggest high street bank Lloyds has unveiled a further round of job cuts with 450 roles put at risk.  

The lender, which has already taken the axe to hundreds of positions this year, said the move would mostly affect back-office staff and would not result in branch closures.

It blamed the "difficult" decision on changing customer behaviour and promised to offset some of the losses by creating 255 fresh roles elsewhere. 

"The group’s policy is always to use natural turnover and to redeploy people wherever possible," a spokesman said. "Compulsory redundancies will always be a last resort." 

The cuts will affect a number of divisions and come barely two months after Lloyds said it would slash 1,200 roles and shut 49 branches.

Lloyds chief executive Antonio Horta-Osario has made a string of cuts during his seven years in charge

In both cases Lloyds has promised to create new jobs as part of a £3bn, three-year investment programme focused on technology. It pledged to create 925 roles in April, for example. 

The cuts announced today take the net job losses to 195. 

The spokesman said the bank would focus on making the changes "in a careful and sensitive way". 

Trade unions Accord and Unite are being consulted on the redundancies.