Lloyds bank announces 865 job losses

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Lloyds bank announces 865 job losses

Lloyds Bank has announced it is cutting over 800 jobs.

The 865 posts will be cut mainly from its wealth, insurance and retail teams, The Mirror reports.

The cuts will lead to a net reduction of 639 in Lloyds’ headcount as the bank has also created 226 jobs.

The company has clarified the new reductions will be on top of the 780 job losses that were already announced in February – before being put on hold because of the virus. 

The news comes as data released this week show that more than 300,000 jobs were put at risk of redundancy in June and July – nearly seven times higher than last year’s levels.

The jobless total could surge from less than 1.4 million to a horrifying 4.1 million by the end of the year.

Unite union national officer Rob MacGregor said he is worried about the prospects for Lloyds staff forced to leave.

Mr 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.”

“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,” MacGregor said.

“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.”

Shortly after the pandemic hit, the bank paused plans to simplify its business with cuts.

A spokesman for Lloyds 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,” the company said.

“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.”

The bank added: “No-one will leave the company before November. “

On Wednesday ( September 10) The Mirror revealed that Former PM Gordon Brown is launching a “radical campaign” tackle the mass unemployment expected in the UK before the year is through.

The Alliance for Full Employment is backed by the mayors of London, Manchester, Liverpool, Sheffield, Newcastle and Bristol, plus Welsh First Minister Mark Drakeford and Scottish Labour leaders.

Trade unions are preparing to sign up to a list of demands including: extending the furlough scheme; a legal obligation on the Bank of England to promote jobs; launching apprenticeships and genuine youth training; and taking public stakes to save struggling but otherwise viable companies.

Many high profile companies have announced mass job cuts since the start of the pandemic. These include Boots, Ryanair, JCB, Everest Windows and BP.

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