Lloyds to cut hundreds of UK jobs as it revives restructuring plans

Lloyds Banking Group is to cut 865 jobs across the UK as the high street lender revives restructuring proposals made before the Covid-19 pandemic.

The bank said it had decided to push ahead with plans to simplify parts of its business, adding that affected staff would leave in November at the earliest. It will also create 226 new roles, which means the net reduction amounts to 639 jobs, out of a total workforce of 65,000 people.

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The majority of the roles are back-office posts that do not involve interaction with customers, mainly in the bank’s insurance and wealth management divisions, after it set up a personal wealth venture with Schroders.

A Lloyds spokesperson said: “When the pandemic began in March, we suspended all planned structural changes and made a number of commitments to colleagues to give them as much support as possible during this period of uncertainty. This included continuing to pay colleagues in full regardless of their working circumstances and pledging that anyone placed on notice of redundancy would not leave the group before October, both of which we remain fully committed to.

“We will seek to redeploy wherever possible, with all colleagues given access to a package of training and support designed to help them secure their next position, whether within or outside of the group.”

Lloyds said the Accord and Unite trade unions had been consulted.

Unite’s Rob MacGregor said: “Unite has challenged Lloyds Banking Group senior management to ensure all those affected by these latest proposed job cuts are given the option to remain working for Lloyds and to not enforce any compulsory redundancies.

“Unite is adamant that it is totally unacceptable that LBG persists in putting undue pressure on those who remain working for the bank by making hundreds more of their fellow workers redundant on a regular basis.

“The pandemic has demonstrated the amazing resilience and flexibility of this workforce. The employer should not focus solely on cutting jobs and costs but instead the bank should invest in a workforce that has only shown loyalty, dedication and hard work through the good times and the bad.”

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