Lloyds Banking Group to axe 1,080 jobs amid strategic review

Taxpayer-backed lender has cut 11,760 jobs as part of its 2011 strategic review

(GETTY IMAGES)

Lloyds Banking Group has announced it plans to cut 1,080 jobs and outsource more than 310 roles in a bid to slash costs.

The cuts are set to fall within its retail, risk, operations and commercial banking divisions.

Overall, the bank has cut 11,760 jobs as part of its 2011 strategic review, where it outlined plans to axe 15,000 positions under the watch of chief executive Antonio Horta-Osorio.

The bank said it will create 90 new roles within retail, risk and commercial banking as part of the overhaul.

The lender, which is 39 per cent-taxpayer owned, said in a statement: "Lloyds Banking Group is committed to working through these changes with employees in a careful and sensitive way."

The Unite union said it opposes the cuts and criticised the bank's management.

Unite national officer Rob MacGregor said: "While staff at Lloyds Banking Group continue to work hard to deliver half year profits of £2.1bn, management has confirmed it is to give 1,390 staff another kick.

"Lloyds Banking Group is well on the road to recovery, with the CEO being recently rewarded handsomely with a share bonus in the region of £2.5m, yet staff are being made redundant."