View the article online at http://citywire.co.uk/new-model-adviser/article/a730835
Lloyds Banking Group cuts another 1,080 jobs
by Jun Merrett on Jan 28, 2014 at 13:08
Lloyds Banking Group is set to cut 1,080 jobs as part of its strategic review.
The job cuts will be from the group's retail, risk, operations and commercial banking divisions. An additional 310 roles will move to new employers and 90 new roles will also be created across the retail, risk and commercial banking arms.
In June 2011 the Lloyds announced a strategic review in a bid to return the bailed-out bank to financial health. At the time it was announced the lender would cut 15,000 jobs, on top of the 28,000 it had already culled as part of its merger with HBOS.
All affected employees have been briefed by their line manager today and the group said it had consulted with unions Accord, Unite and LTU prior to the announcement.
A Lloyds spokesman said: 'Lloyds Banking Group is committed to working through these changes with employees in a careful and sensitive way.
'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, it will look to achieve this by offering voluntary redundancy.
'Compulsory redundancies will always be a last resort. In fact, since the strategic review in 2011 around only a third of role reductions have led to people leaving the group through redundancy.'
Lloyds is the first bank to announce major job cuts in 2014. Last year a number of banks and providers reduced staff. For a rundown of the major job cuts in 2013, click here.
News sponsored by:
As the UK coalition government strives to rebalance the national economy, so called 'reshoring' looks set to play an increasingly important role in economic recovery.
Today's top headlines
Alastair Mundy met Citywire's Daniel Grote at the London Stock Exchange Studios for a detailed interview about the Investec Cautious Managed fund.