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Lloyds wealth division faces ‘major job losses’ as group cuts 1,000 roles

by: Laura Dew
  • 29/01/2014
  • 0
Lloyds wealth division faces ‘major job losses’ as group cuts 1,000 roles
Lloyds Banking Group is to cut over 1,000 jobs nationwide, with its wealth division among those facing significant cuts, according to the Unite union.

Lloyds said today it will cut 1,080 roles, with a further 310 roles moving to new employers. Ninety new roles will be created within its retail, risk and commercial banking divisions.

Trade union Unite said “major” job losses will come from the wealth division’s private banking and private client business.

The bank’s commercial, SME and mid-market business, and divisions in Jersey and the Isle of Man will also be significantly affected.

Unite said it had called an urgent meeting with Lloyds to discuss the cuts.

Since 2008. nearly 35,000 Lloyds employees have lost their jobs, according to the union. The latest cuts come as part of the 15,000 job losses first announced in 2011.

The move comes following the government’s September 2013 decision to begin disposing of its stake in the firm through an institutional placing.

A further sale of shares to retail investors is expected to take place later this year.

 

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