Lloyds Bank to cut 1,070 jobs in restructuring plan

Lloyds Banking Group (LON: LLOY) will be cutting a further 1,070 jobs.

The lender, which already announced 865 job cuts in September, said on Wednesday that it would axe the jobs as part of a new restructuring plan.

The new plans would also see the creation of 340 new roles.

Last week, Lloyds posted better-than-expected Q3 profits. The group revealed a pre-tax profit of £1bn, beating expectations for the third quarter.

This quarter has seen the biggest growth in demand for home loans since 2008, which led to mortgage lending at the bank of £3.5bn. The temporary stamp-duty holiday led to a boom in the housing market.

The union, Unite, said that Lloyds should be waiting out the pandemic before cutting jobs amid a pandemic.

“This morning we shared changes to some of our teams and we can confirm a net reduction of 730 roles. These changes reflect our ongoing plans to continue to meet our customers’ changing needs and make parts of our business simpler,” said a spokesperson from the union.

“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.

“Change does mean making difficult decisions and our focus remains on supporting our customers, colleagues and communities.”

The bank said in a statement: “These changes reflect our ongoing plans to continue to meet our customers’ changing needs and make parts of our business simpler…

“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.

“Change does mean making difficult decisions and our focus remains on supporting our customers, colleagues and communities.”

Lloyds shares (LON: LLOY) are -1.62% at 28,77 (1416GMT).