Lloyds Banking Group accused of 'death by a thousand cuts'

Lloyds Banking Group has faced criticism after announcing 1,340 job losses as part of a continuing strategy of job cuts, by Chief Executive António Horta-Osório - The Guardian reports. 

The bank is also creating 110 new roles, so it argues that the quantity of roles being lost is actually 1,230.

Ged Nichols, General Secretary of the independent trade union Accord, says: “We know the outlook for banks is tough due to record low interest rates, falling revenues and the changes in technology and customer behaviours. This ‘death by a thousand cuts’ approach does nothing to give confidence to those who will be staying with the business, trying their best to meet customers’ needs and help to sustain the group for the future.

“We’re deeply concerned that both the scale and the pace of job reductions are increasing,” Nichols continues.