Lloyds bank to axe 940 jobs

Lloyds bank to axe 940 jobs

Lloyds said the jobs would be lost in its operations, insurance, retail, wealth, international and commercial divisions and were part of the reductions previously announced in its strategic review.

The part-nationalised bank said in June 2011 that it planned to save £1.5bn by letting 15,000 staff go.

British trade union Unite “expressed fury” over the decision, highlighting the bank’s decision to outsource 190 IT jobs as part of the changes.

“It is a complete disgrace that the bank, which is 41pc owned by the taxpayer, continues to cut jobs in such a cavalier way,” Unite said in a statement.

Lloyds said it would look to avoid compulsory redundancies where possible and only use them as a last resort.

“The group’s policy is always to use natural turnover and to redeploy people wherever possible to retain their expertise and knowledge within the group. Compulsory redundancies will always be a last resort,” it said.

Lloyds paid a heavy price for its government engineered takeover of HBOS, requiring a £20b state bailout. HBOS was caught out by a near-shutdown of wholesale funding markets, on which it was more reliant than rivals.

The bank said on Wednesday that just under half the jobs lost in 2009 and 2010 through integration following its merger with HBOS had been through redundancy.

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