Lloyds Banking Group cuts a further 940 jobs

Lloyds Banking Group confirmed Wednesday it would slash a further 940 jobs as part of plans to turn business around.

Lloyds Banking Group confirmed Wednesday it would slash a further 940 jobs as part of plans to turn business around.

The cuts bring the total amount of redundancies to 31,000 since its takeover of banking and insurance company HBOS in 2009.

The bank said jobs would be lost in group operations, insurance, retail, wealth and international and commercial divisions.

"Lloyds Banking Group is committed to working through these changes with employees in a careful and sensitive way," the company said in a statement.

"All affected employees have been briefed by their line manager today.

"The group's recognised unions Accord, Unite and LTU were consulted prior to this announcement and will continue to be consulted."

The move has outraged unions including Unite which expressed its "fury" in a statement to the press.

"Since 2009 Lloyds have slashed a quarter of the workforce. It is a complete disgrace that the bank, which is 41%-owned by the taxpayer, continues to cut jobs in such a cavalier manner, Unite national officer," Dominic Hook said.

"The bank is even offshoring another 200 IT jobs. In the middle of an economic crisis, a bank part-owned by the public, should be keeping jobs in the UK, not exporting them abroad."

He said the union was calling for an urgent meeting with the UK Financial Investments to stop Lloyds offshoring and culling jobs.

"Unite has warned Lloyds Banking Group that if they are looking for a period of stability and growth to return it to profitability, this cannot and will not be achieved by continuous and damaging job cuts.

"Unite opposes these cuts and will be doing everything possible to stop compulsory redundancies."

Shares were down 1.38% to 52.09p at 12:20 Wednesday.

R

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