Lloyds to cut 625 jobs
Lloyds says there will be a net reduction of 430 roles once the 195 new jobs it will be creating are taken into account.
News of the planned redundancies was greeted with anger by the independent Lloyds Trade Union (LTU), which says the news was “leaked to Sky News again either by the bank or one of the HR approved unions”.
LTU says: “For staff to find out from Sky News that their jobs are under threat is simply wrong. In fact, the bank should consider inviting Sky News into the simplification meetings because at least then the information they publish would be correct. The bank keeps saying it’s investigating the leaks but nothing ever seems to happen.”
LTU expects the bank to announce further job losses following the outcome of the third strategic review by Antonio Horta-Osorio, CEO of Lloyds Banking Group.
In addition to the cuts, the bank has announced that 21 branches will be closed.
UK not OK
This bad news is not unique to Lloyds.
Recently, Royal Bank of Scotland (RBS) said it was cutting almost 600 jobs in its UK retail bank.
British and Irish trade union Unite said RBS will axe about 200 positions across London and the south east of England, with 400 jobs to go in the Midlands, east and the north of the country.