View more on these topics

Lloyds to axe 1,755 jobs in cost-cutting drive


Lloyds Banking Group is making 1,755 job cuts and closing 29 branches in its latest round of cost-cutting.

The job losses will hit Lloyds’ commercial banking, consumer finance, legal, group operations and retail arms, according to trade union Accord. The office closures will take place in June.

Lloyds is also adding 170 roles in its retail, commercial banking and group legal arms as part of the exercise, meaning net job losses will be 1,585.

Accord general secretary Ged Nichols says: “The job security situation in UK banks is getting ever more difficult. Staff in Lloyds Banking Group have been living with this worry since 2009 and the job losses aren’t over yet.

“We and Lloyds Banking Group have a good record of managing these issues through turnover and voluntary redundancy but it gets progressively more difficult.

“One of the Security of Employment Agreements in Lloyds is due to expire at the end of this year; our members need it to be extended until at least the end of 2017 and we’re asking Lloyds Banking Group to agree to this today.”

The headcount reduction is part of Lloyds’ turnaround plan announced in 2014, when the company said it would cut 9,000 staff.

Lloyds made around 1,000 job cuts at the end of 2015. Today’s announcement takes the total role reduction at the bank past the 5,000 mark.

A Lloyds spokeswoman says: “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 today. Accord and Unite were consulted prior to this announcement and will continue to be consulted.

“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.”



Wonga scammers jailed at Old Bailey

A group of ‘money mules’ who defrauded Wonga with fake loan applications worth hundred of thousands of pounds were jailed at the Old Bailey on Monday. Kelvin Okusanya, 31, from Coventry; Oluwamuyiwa Fasoranti, 32, from West London; and Sophia Pusey-Carroll, 46, from Harrow, were imprisoned for a total of more than 10 years after being […]


Andrew Tyrie warns over ‘sluggish’ senior managers regime progress

Influential Treasury committee chairman Andrew Tyrie has warned progress by the regulators in bringing forward the new senior managers regime has been “sluggish” and “inadequate”. The SMR is due to replace the approved persons regime for the UK’s largest financial institutions from March this year, according to Mortgage Strategy‘s sister title Money Marketing. It will […]


Cherie Blair set to fight B2L tax relief cut in court

Cherie Blair is set to challenge the Government’s buy-to-let tax relief changes in court, arguing it breaches human rights. A campaign started with by two landlords, Steve Bolton and Chris Cooper, has contacted legal firm Omnia Strategy, which is led by the wife of former Prime Minister Tony Blair, for legal opinion and has been […]


Barclays to cut rates by up to 18 bps

Barclays is set introduce a 2.19 per cent five-year fix for rate switchers and will cut rates by up to 18 basis points. The rate switch product will be available to 60 per cent LTV and has a £1,999 fee. The minimum loan size is £1m and the maximum is £5m. Tomorrow the bank will […]

Singapore cover image - thumbnail

White paper — Singapore International Insights

Jelf Employee Benefits assesses key trends within the international private medical insurance provision of organisations with employees in Singapore. Benefit structure, cost management and healthcare facilities are examined and key considerations are highlighted. This edition will be of particular interest to global human resource directors and benefit managers with local and expatriate populations in Singapore.


News and expert analysis straight to your inbox

Sign up