Lloyds Bank confirmed to Mortgage Solutions that all redundancies were in non-customer facing roles and that there was no impact on its mortgage operation. The main cuts are in the commercial banking, chief information, risk, community banking and insurance and wealth areas.
The changes are being made as the group – which includes Lloyds Bank, Halifax and Bank of Scotland – continues to adapt to more online transactions and customer demand.
A spokesman told Mortgage Solutions that where possible the bank would always seek to redeploy staff and that compulsory redundancies would be a last resort.
“Last month, Lloyds Banking Group announced 465 net role reductions. The majority of the reductions were within Commercial Banking, the Chief Information Office, Risk, Community Banking and Insurance and Wealth. The net total is inclusive of 465 new roles that will be created across our business areas,” he said.
“This process involved making difficult decisions, and we are committed to working through these changes in a careful and sensitive way. All affected employees have been briefed by their line manager. Accord and Unite were consulted prior to this announcement and will continue to be consulted.
“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, we will look to achieve this by offering voluntary redundancy. Compulsory redundancies will always be a last resort,” he added.
The group announced last year that reducing the size of some branches in its network as people used high street locations less.