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Lloyds to cut 945 jobs as part of three-year restructuring strategy

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Taxpayer-backed Lloyds Banking Group said on Thursday it was cutting around 945 jobs in a restructuring plan first outlined a year ago with the aim of reducing the bank's workforce by 9,000.

[LONDON] Taxpayer-backed Lloyds Banking Group said on Thursday it was cutting around 945 jobs in a restructuring plan first outlined a year ago with the aim of reducing the bank's workforce by 9,000.

The staff affected are currently employed within the bank's retail, commercial banking and consumer finance teams, and in several back office divisions, the bank 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," the bank said in a statement. "Where it is necessary for employees to leave the company, it will look to achieve this by offering voluntary redundancy. Compulsory redundancies will always be a last resort."

It said recognised unions Accord and Unite were consulted prior to the announcement and will continue to be consulted.

REUTERS

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