Lloyds will cut another 1,070 staff under restructuring plan to cope with Covid crisis – less than two months after slashing 865 jobs
- Bank said latest restructuring will result in a net reduction of around 740 roles
- It says this is because it will create a further 330 positions across the business
- In September, it said it would slash 865 jobs in insurance, wealth and retail
Lloyds Banking Group has said it plans to cut another 1,070 jobs as it continues a major restructuring programme.
The banking giant said its latest restructuring move will result in a net reduction of around 740 roles, as it will also create a further 330 positions across the business.
It is the latest set of redundancies after the group restarted its major restructuring programme following the pandemic.
In September, it said it would slash 865 jobs mainly in its insurance, wealth and retail teams.
Lloyds Banking Group has said it plans to cut another 1,070 jobs amid the continuing pandemic
A Lloyds Banking Group spokeswoman said: ‘This morning we shared changes to some of our teams and we can confirm a net reduction of around 730 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.
Lloyds Banking Group Plc’s large company headquarters in Gresham Street, London
‘Change does mean making difficult decisions and our focus remains on supporting our customers, colleagues and communities.’
These latest cuts come less than a fortnight after it told most of its 65,000 staff to work from home until spring at the earliest.
Lloyds wants them to stay away from the office for at least the next five months following Government guidance urging employees to work remotely if they can.
The move by the bank came as a blow to the City of London, where it employs thousands.
About two-thirds are working from home, but staff are still serving customers at its 890 branches.
Chris Williamson, an economist at the business consultancy IHS Markit, warned: ‘The pace of economic growth slowed in October to the weakest since recovery from the national lockdown began.’
Other large firms are closing offices or asking employees if they want to work from home for ever.
The consultancy Deloitte could shut four offices, which would leave 500 people working from home, and investment manager Schroders told its 5,000 global staff in August they could work where they chose.