Lloyds bank to cut over 900 jobs

Lloyds bank to cut over 900 jobs

Lloyds bank had announced it will be cutting 930 jobs, making it the latest high-street brand to reduce staff numbers.

In a statement, the bank said the majority of its latest job cuts would be “within commercial banking, the chief information office, risk, community banking and insurance and wealth.”

However, the group is creating an extra 465 roles, meaning the net job loss is 435 positions.

“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,” Lloyds said. “Where it is necessary for employees to leave the company, we will look to achieve this by offering voluntary redundancy. Compulsory redundancies will always be a last resort.”

They added that all affected employees had been briefed by their manager.

The cuts are the latest in a number of high-profile staff reductions, following cuts from Morrisons, Sainsbury’s, ASDA, Tesco, Vauxhall and B&Q, as well as the collapse of Carillion earlier this year.

Additionally, 2,000 jobs are potentially at risk at DIY store Homebase, as its Australian owner considers closing 40 stores in the UK.

Rob Scott, Managing Director of Wesfarmers, which owns Homebase, said the 250-store UK business was expected to make an underlying loss of £97m in the half year after a £54m loss in the year to June 2017.

“It appears that Wesfarmers’ ill-considered policies have backed it into an untenable corner,” Thomas Brereton, a retail analyst at GlobalData, told the Guardian. “These depressing figures show that Wesfarmers must consider all opportunities to lessen its exposure to the fraught UK market.”

Have you enjoyed this piece?

Subscribe now to myGrapevine+ and get access to exclusive new content, and the full content archive.

Be the first to comment.

You are currently previewing this article.

This is the last preview available to you for the next 30 days.

To access more news, features, columns and opinions every day, create a free myGrapevine account.