Wealth Manager - the site for professional investment managers

Register to get unlimited access to Citywire’s fund manager database. Registration is free and only takes a minute.

Lloyds Banking Group cuts another 1,080 jobs

Lloyds Banking Group cuts another 1,080 jobs

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.

Leave a comment!

Please sign in or register to comment. It is free to register and only takes a minute or two.
Citywire TV
Play Wealth Manager Retreat 2017: size isn't everything

Wealth Manager Retreat 2017: size isn't everything

We asked our delegates at the Wealth Manager Retreat what they think about the recent wave of consolidation in the industry.

1 Comment Play CIO Tapes - part 3: 'passive funds are anti-capitalist'

CIO Tapes - part 3: 'passive funds are anti-capitalist'

Citywire recently gathered three of the UK's leading fund investment heads to discuss their hopes, fears and the issues that their jobs throw at them daily.

Play CIO Tapes: do investors have it as good as it gets?

CIO Tapes: do investors have it as good as it gets?

Citywire gathered three of the UK's leading fund investment heads to discuss what they fear and what makes them cheer about the year ahead

Read More
Your Business: Cover Star Club

Profile: Rathbone's Newcastle boss on the road to £1bn

Profile: Rathbone's Newcastle boss on the road to £1bn

Starting from zero assets on day one, Rathbone's Newcastle team now looks after just over £400 million in clients money

Wealth Manager on Twitter