Lloyds Banking Group cuts 930 jobs ahead of fresh three-year strategy

Britain’s biggest bank has axed 930 jobs across multiple divisions ahead of a new three-year strategy to be unveiled later this month.

A Lloyds Bank spokesperson said the majority of cuts were within the lender’s commercial banking unit, the chief information office, risk, community banking and insurance and wealth.

A net total of 465 roles will be cut as Lloyds plans to add 465 new positions across its business areas.

Lloyds said all affected employees had been briefed and the unions Accord and Unite were consulted prior to today’s announcement.

“This process involved making difficult decisions, and we are committed to working through these changes in a careful and sensitive way,” the spokesperson said.

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

Lloyds will set out its three-year strategy on 21 February when it announces its full-year results.

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