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Lloyds' wealth arm caught in fresh jobs cull

by Sarah Miloudi on Jan 23, 2013 at 13:23

Lloyds' wealth arm caught in fresh jobs cull

Lloyds' wealth and international arm has been caught up in a fresh round of job cuts confirmed by the bank.

In a brief statement the state-backed lender confirmed another 940 posts would be axed across the group, with the cuts sweeping in its wealth management arm, commercial advisers, pensions and insurance operations.

The cuts come after some 360 job losses were announced earlier this week. The losses within the high net worth could surprise many given Lloyds' decision to push into the wealth space and shake up its advice offering post the retail distribution review.

According to a statement, all staff involved in the latest cull have been briefed by their line managers, though it is not known how many individuals will leave from each of the divisions identified by the bank.

Lloyds was quick to reassure, however, and said the changes formed part of its previously announced strategic review.

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