Halifax cuts 170 jobs as Lloyds review takes toll

Lloyds Banking Group has announced cuts of 170 jobs at Halifax as part of planned reductions announced in the group's strategic review in 2011.

Lloyds said that compulsory redundancies would be a 'last resort' and that it would look to redeploy staff in other areas of the business.

'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,' said a Lloyds spokeswoman.

'Where it is necessary for employees to leave the company, it will look to achieve this by offering voluntary redundancy. Compulsory redundancies will always be a last resort.  In fact, during 2009 and 2010, slightly less than 50% of the role reductions made as part of integration have led to people leaving the group through redundancy.'

Lloyds announced its strategic review under chief executive António Horta-Osório in June 2011 in a bid to return the bailed-out bank to financial health.