Up to 1,000 job losses are expected to be announced at Lloyds Banking Group in the latest attempt by the bailed-out bank to cut costs and bolster profitability.
The cuts are thought to be part of the 9,000 reductions earmarked by António Horta-Osório, chief executive of Lloyds, during a three-year strategy update a year ago.
At the time, Horta-Osório blamed the need for the bank to be “digitised” for cuts to the 85,000-strong workforce and the closure of 200 branches, with the aim of saving £1bn by 2017.
The job toll has been mounting at Lloyds since the rescue of HBOS at the height of the 2008 banking crisis. Around 30,000 jobs went as part of the integration while Horta-Osório axed a further 15,000 as part of his first three-year plan when he took over in 2011.
Unions are concerned about the impact on customer service from the job toll. The latest cull is thought to be spread across a large number of departments and operations.
Rob MacGregor, Unite national officer for finance, said: “Once again we see Lloyds bank seeking to make short-term ‘savings’ at the expense of both the workforce and customer service.
“Unite’s overriding concern is to challenge and avoid any compulsory redundancies.”
The job cuts have been part of the programme to help Lloyds return to the private sector after its £20bn taxpayer bailout in 2008. The government stake has fallen from 43% at the time of the bailout to close to 10%. The shares have been sold off to City investors but the government is keeping some shares back to offer to retail investors next year.
Lloyds would not comment on the latest cuts.
