Lloyds to cut 850 jobs

Suzie Neuwirth

LLOYDS Banking Group today said it would be slashing 850 jobs and closing its Southend, Essex office.

The latest announcement means that the bank has announced almost 2,750 job cuts since the start of the year.

As well as the office closure, which will put 690 jobs at risk, the bank is cutting 160 jobs from its commercial banking and bancassurance operations.

Trade union Unite criticised the latest job cuts in light of proposed dividends for shareholders and said it would be bad for the country’s economy.

“The constant job cuts across the banking industry is bad for bank staff, does nothing to support customers and it's bad for Britain's economy,” said Unite national officer, Dominic Hook.

“Since January almost 5,500 job cuts have been announced by high street banks - that's over 1,000 a month so far this year.

“Britain's banking industry has a duty to the communities it profits from and that means these institutions need to be responsible employers.”