Lloyds Banking Group has announced plans to slash almost 1,000 jobs in the UK, as well as closing some of its offices, according to the bank's employee union Accord.
The banking giant, which is undergoing an extended period of cost reduction and streamlining of its businesses, said it plans to make the 990 cuts through a combination of voluntary redundancy and natural turnover.
A total of £1.5bn annual costs are expected to by saved within the next three years.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
The firm, in which the UK government holds a 41% stake, is closing sites in Newcastle, Leeds, Romford and Scunthorpe.
An additional £2bn will be invested in the group between 2011 and 2014 to expand its core operations, including Lloyds TSB, Halifax and Bank of Scotland.
Accord's general secretary, Ged Nichols, said: "LBG shedding almost 1,000 more jobs on top of the 30,000 that have been lost since HBOS was taken over just three years ago is devastating news for the employees who will be affected and the communities in which they live. The areas affected cannot afford to lose the high quality jobs that will go as a result of today's announcement.
The share price fell 0.91% to 34.98p by 15:19.
NR
-
Christmas at Chatsworth: review of The Cavendish Hotel at BaslowMoneyWeek Travel Matthew Partridge gets into the festive spirit at The Cavendish Hotel at Baslow and the Christmas market at Chatsworth
-
Tycoon Truong My Lan on death row over world’s biggest bank fraudProperty tycoon Truong My Lan has been found guilty of a corruption scandal that dwarfs Malaysia’s 1MDB fraud and Sam Bankman-Fried’s crypto scam
