Mortgage News
Lloyds axes 940 jobs to save £1.5bn
Lloyds Banking group has announced 940 redundancies in an ongoing bid to reduce costs by £1.5bn by 2014.
The jobs will be cut from the group operations, insurance, retail, wealth and international and commercial divisions.
These job losses form part of the 18,000 job losses announced last June during the group’s strategic review.
In a statement Lloyds said it “is committed to working through these changes with employees in a careful and sensitive way. All affected employees have been briefed by their line manager today.”
“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.
“Where it is necessary for employees to leave the company, it will look to achieve this by offering voluntary redundancy.
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“Compulsory redundancies will always be a last resort. In fact, during 2009 and 2010, slightly less than 50 per cent of the role reductions made as part of integration have led to people leaving the group through redundancy.”
The group’s recognised unions Accord, Unite and LTU were consulted prior to the announcement and will continue to be consulted, said the group.