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Lloyds bank announces 6,240 job cuts - but creates 8,000 new digital roles

Lloyds Bank. Picture: ANTONY KELLY

Lloyds Bank. Picture: ANTONY KELLY

Archant Norfolk 2015

Lloyds Banking Group has confirmed it is to axe 6,240 jobs as part of a digital overhaul.

The high-street lender said that as part of the shake up, it will also create 8,240 new roles, resulting in a net creation of 2,000 jobs.

Lloyds said that 75% of the new roles will be filled by existing staff, but some specialist roles such as data scientists and software engineers will be recruited externally.

The cuts will fall on back office roles and not bank branches.

A spokesman for Lloyds said that it was “too early to say” whether any jobs would be either lost or created in Norfolk, but added that no branches or back offices are being looked at in the consultation.

Under the plan, Lloyds’ Gillingham site is to close.

The spokesman added: “Lloyds will create an additional 2,000 roles, as it strengthens its capability to offer customers new leading-edge digital banking products and services.

“The group is investing to further digitise the bank and will refresh some existing roles and create new roles within its structure, while also providing comprehensive retraining for colleagues to help them build their capabilities to meet the demands of these future roles.”

The move is part of a £3bn commitment from Lloyds to invest heavily in technology as part of its three-year strategic plan under chief executive Antonio Horta-Osorio.

Lloyds has now announced nearly 10,000 job cuts in the 20 months since the government sold off its stake in the lender to take it fully private.

The bank’s efficiency and modernisation drive has continued apace since it was taken off the public books in May 2017, with Lloyds saying a business overhaul and reduction of its branch network is essential to ensure it stays relevant amid a digital shift.

At its peak, Lloyds was 43% owned by the state.

The bank raked in £1.82bn of profit in the three months to September 30, leaving unions to question the job cuts.

Unite national officer Rob MacGregor said: “This latest announcement will undoubtedly hit the morale of staff who have had to endure round after round of job cuts, branch closures and constant upheaval.”

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