Welcome to our new website! Let us know what you think..

Register to get unlimited access to all of Citywire’s Fund Manager database. Registration is free and only takes a minute.

Lloyds' wealth arm caught in fresh jobs cull

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.

Leave a comment
Citywire TV
Play Gervais Williams: the real reason to worry about Quindell

Gervais Williams: the real reason to worry about Quindell

Citywire AA-rated manager Gervais Williams has argued that sentiment is the true danger to Quindell.

Play AA-rated Lofthouse: 'maverick' tobacco settlements won't stop M&A

AA-rated Lofthouse: 'maverick' tobacco settlements won't stop M&A

Henderson International Income trust manager Ben Lofthouse shares his thoughts on recent developments in the tobacco sector in this video.

1 Play Renewable energy: what I found on my solar farm trip

Renewable energy: what I found on my solar farm trip

Renewable energy is attracting a lot of investor interest, so I headed to the UK's largest solar farm to find out more.

Your Business: Cover Star Club

Profile: Quilter Cheviot boss Baines sees more consolidation ahead

Profile: Quilter Cheviot boss Baines sees more consolidation ahead

Nineteen months on from the merger of Quilter Cheviot chief executive Martin Baines says the deal is now paying dividends.

Wealth Manager on Twitter