Lloyds announces further 550 job cuts

Lloyds Banking Group has been attacked by unions over cutting a further 550 jobs, according to reports.

The Daily Express reported that union Unite has attacked the bank over cutting more jobs and said the latest 550 jobs to go were not part of job losses announced in January.

Lloyds said the 550 jobs would be cut from its risk, insurance, commercial banking, retail and wealth, asset finance and international divisions and were part of previously announced reductions.

A spokesman for Lloyds told the paper: ‘Lloyds Banking Group is committed to working through these changes with employees in a careful and sensitive way. All affected employees have been briefed by their line manager.

‘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.’