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Lloyds Banking Group to cut 1,070 jobs

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Written by: Emma Lunn
04/11/2020
The move has been branded ‘shameful’ by union Unite, which pointed out that the bank posted strong Q3 profits.

Lloyds says the job cuts, which will be across the commercial and retail bank, are part of a major restructuring programme and that there will be a net reduction of about 740 roles, as it will also create a further 330 positions across the business.

But Unite says the new positions created will be of ‘no comfort to the 1,000 staff who have today lost their incomes and livelihoods’.

Unite has called on Lloyds to postpone its planned restructuring programmes with immediate effect following the release of better than expected Q3 results and the rising threat posed by the Covid-19 pandemic.

Rob MacGregor, Unite national officer, said: “Unite cannot comprehend why LBG would choose to cut 1,000 staff who have given the bank such commitment and dedication during a global pandemic. These staff have worked tirelessly despite any risks to themselves.

“LBG has produced better than expected Q3 results, posting in excess of £1bn of pre-tax profit – a direct result of the hard work and versatility of its workforce. This cost cutting strategy will not serve the bank or its customers. It is impossible to reconcile the job losses announced today with such an improved balance sheet.

“Unite is calling on LBG to do the right thing and put on hold its restructure plans. The threat caused by the pandemic is now unquestionable. The bank must now ‘hit the pause button’ on its job loss and redundancy programme. We need a fresh approach to the unprecedented challenges that Covid-19 has created for all of us.”

A Lloyds Banking Group spokeswoman said: “This morning we shared changes to some of our teams and we can confirm a net reduction of around 730 roles.

“These changes reflect our ongoing plans to continue to meet our customers’ changing needs and make parts of our business simpler. The majority of colleagues briefed today will not leave until January at the earliest.

“We will help colleagues who are affected find new roles and redeployment opportunities wherever possible, and everyone will be given access to a package of training and support designed to help them secure their next position, whether within or outside of our business.”

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