Lloyds to cut 2000 jobs

Jun 30 2009 By Andrew Mernin

BANKING giant Lloyds has revealed plans to axe 2,100 posts at its commercial and group operations at offices across the country.

The Unite union said it was ``astonished" at the new job losses, saying ``real questions" now had to be asked about how far the bank can be allowed to go in its ``systematic" slashing of staff.

Lloyds said the changes followed ``careful and detailed reviews'' of the group operations and wholesale divisions, which will bring together a number of functions across Lloyds TSB and HBOS areas.

Operational functions including payment and business services and banking are combining, while the wholesale division is bringing together its Lloyds TSB and Bank of Scotland businesses in England and Wales.

Up to 2,100 jobs will be affected over the next three years, although Lloyds said 350 new roles will be created in cuts wholesale division.

The bank said it expected 700 of the job cuts to be achieved through natural attrition and the release of contract and agency staff.

It also announced that it would not be offshoring any permanent operational roles, keeping jobs in the UK wherever possible.

Mark Fisher, director, group operations, Lloyds Banking Group, said: ``By bringing the businesses together, we will be better placed for the future. Regrettably, however, some of our colleagues will be affected by our plans.

``We understand that this difficult news will be unsettling and we will be working closely with those colleagues affected."