Lloyds Banking Group to axe almost 1,000 jobs

Lloyds Banking Group is to shed 985 jobs over the next two years, mainly in its asset and motor finance operations.

Last year, Bank of Scotland carried out a detailed review of its asset and motor finance operations and concluded that the majority of them were no longer financially viable or core to the business.

This change will result in the loss of 910 full-time jobs which affects 985 full and part time colleagues over a two-year period.

The group expects there will be up to 200 jobs impacted at its centre in Speke this year and a further 340 jobs at risk in Chester next year. Jobs are also at risk in the sales force and at some regional collections centres across the UK.

The group’s preference is to use natural turnover and to redeploy people wherever possible so it retains their expertise and knowledge within the group.

The group has already transferred 240 asset finance colleagues into suitable alternative roles at our Retail operation in Speke. Where it is necessary for colleagues to leave the company, it will look to achieve this by making less use of contractors and voluntary severance. Compulsory redundancies will be a last resort.

A range of measures have been put in place to support colleagues through this uncertain time.

David Oldfield, managing director of asset finance within Lloyds Banking Group wholesale division, says: “The decision follows a detailed review carried out last year by Bank of Scotland. These changes reflect the financial performance of these business areas, the non-core nature of much of the activity. We are committed to working through these changes with our colleagues carefully and sensitively and will seek to use natural turnover and redeployment wherever possible.”