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Lloyds banks on 1,070 job losses to simplify back office structure

Written by on 04/11/2020

Lloyds Banking Group is to cut 1,070 jobs under a plan to simplify structures in some back office operations.

The bank said that the shake-up – the latest in a string of announcements – would affect its group transformation and retail bank teams and result in 730 net jobs lost.

That was because the plans would also see 340 new roles created, it explained.

It marked the latest move by Lloyds to cut costs since it restarted a restructuring programme in the wake of the coronavirus lockdown in the spring and booked huge provisions for bad debts.

Earnings have been squeezed by record low interest rates though it still recorded profits above £1bn in its third quarter results last week.

The job announcement, which followed similar losses in September, prompted an angry union backlash.

Unite accused the group of punishing loyal staff who had gone beyond the call of duty in supporting the bank and its customers through the pandemic.

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A Lloyds spokesperson said: “This morning we shared changes to some of our teams and we can confirm a net reduction of c730 roles.

“These changes reflect our ongoing plans to continue to meet our customers’ changing needs and make parts of our business simpler.

“The majority of colleagues briefed today will not leave until January at the earliest.

“We will help colleagues who are affected find new roles and redeployment opportunities wherever possible and everyone will be given access to a package of training and support designed to help them secure their next position, whether within or outside of our business.

“Change does mean making difficult decisions and our focus remains on supporting our customers, colleagues and communities.”

 Sky News

© Sky News 2020

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