Lloyds renews job cutting plan with another 940 staff to go

Tim Wallace
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LLOYDS staff in roles from IT support to insurance to branch management were yesterday notified they will be leaving the bank as it continued to roll out its plan to cut another 15,000 jobs.

Lloyds informed 940 staff across the country they will be losing their jobs over the next three to six months, depending on the terms of their contracts.

The group operations, insurance, wealth, retail, international and commercial divisions are all affected.

That takes the total lost since mid-2011 to 8,000, more than half way through the current cost-cutting plan.

“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,” said the bank in a statement.

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

It comes a day after Barclays informed hundreds of its London investment banking staff they will be losing their jobs in a review which will be announced next month, while banks across the globe are also cutting back – Citi is losing 11,000 workers, for example, while UBS is cutting 10,000.