Home Business NewsBusinessBanking News Lloyds Bank plans to axe 865 jobs

Lloyds Bank plans to axe 865 jobs

by LLB Finance Reporter
9th Sep 20 3:02 pm

Lloyds Bank are planning to cut 865 jobs as they are to simplify the business, which will mainly affect insurance, wealth and retail teams, however the bank has also created 220 jobs.

Unite union national officer Rob MacGregor said he is concerned over their prospects of finding work as the jobs market is currently chaotic.

MacGregor said, “While the creation of 220 jobs is to be welcomed, this will be no comfort to those members of staff who will from today face an uncertain future.”

He added, “Unite is adamant that it is totally unacceptable that LBG persists in putting undue pressure on those who remain working for the bank by making hundreds more of their fellow workers redundant on a regular basis.

“The pandemic has demonstrated the amazing resilience and flexibility of this workforce.

“The employer should not focus solely on cutting jobs and costs but instead the bank should invest in a workforce that has only shown loyalty, dedication and hard work through the good times and the bad.”

Lloyds Bank said that they are pushing ahead with the announcement made in February that 780 jobs will go, but was placed on hold due to the pandemic.

The bank said, “This included continuing to pay colleagues in full regardless of their working circumstances and pledging that anyone placed on notice of redundancy would not leave the group before October, both of which we remain fully committed to.

“Following changes announced today, we can confirm a net reduction of 639 roles. These changes primarily reflect our existing plans to simplify parts of our businesses, which were in place prior to Covid-19.”

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