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Lloyds Confirms 940 More Banking Job Cuts

(c) Sky News 2013

Lloyds Bank has confirmed it is to axe another 940 jobs, taking job loss announcements at the firm to 1,300 in the past few days.

Sky News has confirmed the cuts will occur in the group operations, insurance, retail, wealth and international and commercial divisions.

In a statement, the bank said: "Lloyds Banking Group (LSE: LLOY.L - news) 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.

"The Group's recognised unions Accord, Unite and LTU were consulted prior to this announcement and will continue to be consulted."

But unions have reacted with anger to the job cuts.

Unite said 25% of Lloyds' workforce has now been cut since 2009, while the Accord union said almost 200 posts were being moved offshore to India.

Unite national officer Dominic Hook said: "Since 2009 Lloyds have slashed a quarter of the workforce.

"It is a complete disgrace that the bank, which is 41%-owned by the taxpayer, continues to cut jobs in such a cavalier manner.

"In the middle of an economic crisis, a bank part-owned by the public should be keeping jobs in the UK, not exporting them abroad."

Mr Hook added: "Unite has warned Lloyds Banking Group that if they are looking for a period of stability and growth to return it to profitability, this cannot and will not be achieved by continuous and damaging job loss announcements.

"Unite opposes these cuts and will be doing everything possible to stop compulsory redundancies."

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