Lloyds Bank plans revamp with mass layoffs

Lloyds Bank plans revamp with mass layoffs

Lloyds Banking Group is cutting 1,080 jobs and outsourcing another 310 as part of a continuous strategic review of the business, the company has confirmed.
Cuts will be falling on the retail, risk, operations and commercial banking divisions.
They are part of a revamp announced in 2011 by António Horta Osório, the Portuguese banker in charge of the group, who stated then that it planned to cut 15,000 jobs. With these latest lay-offs, it has cut up to 11,760.
In an official statement, the group said: “All affected employees have been briefed by their line manager today. The Group’s recognised unions Accord, Unite and LTU were consulted prior to this announcement and will continue to be consulted.”
It also added that it is committed to working through these changes with employees in “a careful and sensitive way”.
But the unions are far from happy.
Unite’s national officer Rob MacGregor said that it “will continue to oppose these job losses and has sought an urgent meeting with Lloyds to outline the union’s concerns”.
News of these latest cuts comes at a time when it is also reported that Barclays is preparing to cut hundreds of highly-paid positions in its investment bank.