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Lloyds to axe 1000 jobs in overhaul

LLOYDS Banking Group is to axe more than 1000 jobs and switch other work to new employers.

The company said the 1080 job losses will be in its retail, risk, operations and commercial banking divisions, while 310 roles will move to other employers.

Lloyds said the cuts were part of those announced at its 2011 strategic review.

The Unite union attacked the announcement, saying workers at the taxpayer-supported bank would be "devastated". Almost 35,000 jobs have been lost at Lloyds since 2008, said Unite.

National officer Rob MacGregor said: "While staff at Lloyds Banking Group continue to work hard to deliver half-year profits of £2.1 billion, management has confirmed it is to give 1390 staff another kick.

"Some 1080 employees of the bank will today learn that the company that they have worked tirelessly to turn around is rewarding them with a P45.

"Lloyds Banking Group is well on the road to recovery, with the chief executive being recently rewarded handsomely with a share bonus in the region of £2.5 million, yet staff are being made redundant."

Lloyds said it was committed to working with employees in a "careful and sensitive" way, adding: "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.

"Compulsory redundancies will always be a last resort."

The bank said it was creating 90 jobs across retail, risk and commercial banking.

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