Lloyds bank sheds another 850 jobs toward 15,000 goal

 
Tim Wallace
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LLOYDS took a step closer to hitting its target of 15,000 job losses with another 850 staff losing their jobs yesterday.

The staff come from across the country and the group including commercial banking, retail, group operations, executive functions, finance and wealth divisions.

But the majority – around 690 – of those affected in this round of losses are in Southend. Another 275 jobs are being created in Scotland and in Northern Ireland.

The move takes total losses since the cost cutting plan was announced in 2011 to over 9,000.

Separately another 280 staff are leaving the group to go to Sainsbury’s Bank over the next 12 months.

The retailer is buying out the remaining 50 per cent of the finance arm it set up jointly with Bank of Scotland, which is now part of Lloyds Banking Group.

British trade union Unite attacked the cuts, saying Lloyds, HSBC and Barclays had shed a combined 5,500 staff since the beginning of 2013.

“The constant job cuts across the banking industry are bad for bank staff, do nothing to support customers and are bad for Britain’s economy,” it said.