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Lloyds Bank ‘to cut another 380 jobs’ in reorganisation

PUBLISHED: 17:12 05 September 2018 | UPDATED: 10:20 06 September 2018

Trade union Accord has said that Lloyds Banking Group will cut 380 jobs as it continues to reorganise the business. Picture: John Stillwell/PA Wire

Trade union Accord has said that Lloyds Banking Group will cut 380 jobs as it continues to reorganise the business. Picture: John Stillwell/PA Wire

Lloyds Banking Group will cull another 380 jobs as part of efforts to reorganise the business.

The move was announced by financial services union Accord, which said the move will impact staff in the bank’s commercial banking, people and productivity, and retail and transformation divisions.

The lender is also set to create 435 new roles, resulting in a net increase of 55 positions. But the union warned that a number of staff might not make the cut when Lloyds recruits for the revamped roles.

“While on the face of it the plans look positive, not all existing colleagues will have the transferable skills for the newly created roles and will mean some will face redundancy,” Accord said.

Lloyds said the majority of the new roles would be in engineering and design as part of plans to offer “more leading-edge products and services that meet the needs of our customers today and in the future.”

“These new roles form part of the £3bn commitment the group has made over the course of its next strategic plan to invest heavily in technology and people,” the bank said in a statement.

“While today’s announcements will result in an overall net increase in the number of roles within our organisation, as it reskills colleagues to meet customers’ rapidly changing requirements, it does involve making difficult decisions.

“The group’s policy is always to use natural turnover and to redeploy people in the first instance.

“Since 2011, over 90% of people leaving the group has been through a combination of natural attrition, redeployment and voluntary redundancy.”

The bank has been pushing forward with an overhaul of its workforce and branch network in recent months.

Lloyds said the reorganisation is meant to make the bank more relevant amid a boom in digital banking.

Earlier this summer, Lloyds announced a further 405 job losses, but said its staff base would ultimately only be shrunk by 255 roles as 195 would also be added.

In April, Lloyds announced it was slashing 1,230 jobs across its branch network and some central functions.

The decision was part of plans to shutter a further 49 branches across its Lloyds and Halifax brands between July and October this year.

Lloyds added that it was creating 925 roles elsewhere in the business and was adding another seven mobile branches to its network to offset the closures.

The lender last year confirmed it would shut 100 branches with hundreds of jobs being impacted, while in February it announced another 465 roles were being cut.

Lloyds shares were up 0.4% following the latest announcement.

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