Lloyds announces another 450 job cuts

Lloyds announces another 450 job cuts

Lloyds Banking Group (LBG) has confirmed it is to shed another 450 jobs in the latest stage of its £3 billion investment in re-organising its business.

The jobs affected will mainly be back-office roles and the bank said it would also be creating 225 new roles as part of the same scheme, giving net job losses of 195.

Branch closures

A spokesman said further branch closures were not part of the plan and the bank hoped to achieve natural turnover and re-deployment to achieve most of its aims.

It is the latest in a string of announcements from the bank which was finally re-privatised in May last year after it was bailed out by the government for £20.3 billion at the height of the 2008 financial crisis.

Closure

In April it announced it was cutting 1,230 jobs across its branch network and some central functions. Included in the announcement was the closure of 49 Lloyds and Halifax branches across the country between July and October this year.

It created 925 new roles elsewhere in the business and added seven mobile banks to offset its branch closures.

Spokesman

A bank spokesman said the changes were part of its overall plan to overhaul its workforce and branch network using ‘new technology and people, equipping teams with the specific skills required to advise and support our customers.’

In common with many other high street banks, LBG has blamed the number of branch closures on changes in the way its customers access their accounts. A rapid growth in mobile and online banking has meant customers have stopped using branches for their everyday business, preferring the 24/7 availability of digital banking.

Expertise and knowledge

The spokesman continued: “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.

“Since 2011, over 90 per cent of role reductions have been achieved through a combination of natural attrition, redeployment and voluntary redundancy.
“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.”

Profits

The bank said it had ‘a strong start to 2018’, announcing pre-tax profits of £1.6 billion for the first quarter of the year.

It also announced it had set aside another £90 million to pay out future successful PPI claims as they continued to receive 11,000 new claims a week.

“Since 2011, over 90 per cent of role reductions have been achieved through a combination of natural attrition, redeployment and voluntary redundancy”

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