We use cookies to provide you with a better experience. If you continue to use this site, we'll assume you're happy with this. Alternatively, click here to find out how to manage these cookies

hide cookie message
80,259 News Articles

IT fears as Lloyds Banking Group cuts nearly 1,000 jobs

Group operations and executive functions will be affected as four sites are closed down

Lloyds Banking Group has revealed plans to make 990 redundancies across the company and close four offices, according to a trade union.

The cuts are part of the bank's intention to cut 15,000 jobs, announced last year, in a bid to save £1.5 billion pounds a year by 2014.

Employees working in Lloyds' group operations, executive functions, risk, wholesale, retail and insurance all face an uncertain future as a result of the announcement. It was not clear how IT jobs would be affected.

According to Unite union, around 28,000 jobs have already been lost at the bank over the past three years, since the takeover of the Halifax Bank of Scotland Group in 2008. Lloyds Banking Group is 40 percent owned by the taxpayer.

It said today's announcement will hit HBOS Newcastle, HBOS Romford, Lloyds TSB Scunthorpe and Lloyds TSB Dudley.

"Unite believes that this announcement is inappropriate as the full requirement of the group's divestment is unknown.

"Unite will be holding discussions with the bank with the objective of minimising the need for job cuts following this further restructuring. The organisation must do more to offer redeployment opportunities to their workers," said David Fleming, Unite national officer.


IDG UK Sites

iPad mini 3 vs iPad mini 2 comparison: New iPad mini 3 isn't worth £80 more

IDG UK Sites

Why you shouldn't buy the iPad mini 3: No wonder Apple gave it 10 seconds of stage time

IDG UK Sites

View an animated vision of a better future for Ethiopian girls

IDG UK Sites

Should I upgrade from Mavericks to OS X 10.10 Yosemite? What you need to know before updating to...