Union brands Lloyds a 'disgrace' as another 940 staff face the axe

Part-nationalised Lloyds Banking Group was labelled a "complete disgrace" as it announced plans to cut almost 1000 jobs.

The latest cull brings the total number of jobs cut by the bank, which is 41 per cent-owned by the taxpayer, to more than 30,000, a quarter of its workforce, since it saved HBOS from nationalisation at the height of the financial crisis in 2008.

Lloyds said 940 jobs would go across its operations, insurance, retail, wealth and international and commercial divisions. The bank also cut 200 jobs in human resources on Monday, and last week shed 175 jobs across the Halifax branch network.

The bank said it was "working through these changes with employees in a careful and sensitive way", but the cuts triggered outrage from trade unions.

Unite national officer Dominic Hook said: "It is a complete disgrace that the bank continues to cut jobs in such a cavalier way.

"Unite has warned Lloyds 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."

Accord general secretary Ged Nichols added: "This is a bleak start to the year for hard-working Lloyds employees and is bad news for the UK economy."

Bank workers face a bleak new year, as Lloyds' news followed a announcement of a similar level of job cuts at Barclays on Tuesday.

It confirmed that consultations are taking place with UK staff at its investment bank over what could be substantial job losses as a result of new chief executive Antony Jenkins' "Transform" programme.

Some 800 jobs could go in a programme designed, according to Barclays, to "optimise the business".

The Independent understands that Barclays is planning to transfer hundreds of roles to India in a bid to reduce costs. The bank is believed to have sent a team to recruit and train new staff there to replace workers in both London and New York.

Mr Jenkins will next outline his plans for the bank at a strategy presentation on 12 February although he is expected to resist calls from some investors to hive off the investment bank.

Ian Gordon, an analyst at Investec, said that the Barclays cuts would eventually prove beneficial for shareholders. "We knew that this "procedure" was coming and, in our view, only a relatively small proportion of this number will be heading out the door," he said.

"However, what it does bring home is that consensus still appears to underestimate the material benefit that will flow through the BarCap cost line as headcount and pay are rebased to the benefit of the shareholder."

Start your day with The Independent, sign up for daily news emails
  • Get to the point
Latest stories from i100
Have you tried new the Independent Digital Edition apps?
Independent Dating
and  

By clicking 'Search' you
are agreeing to our
Terms of Use.

iJobs Job Widget
iJobs Money & Business

Recruitment Genius: Financial Adviser

£20000 - £60000 per annum: Recruitment Genius: Are you recently QCA Level 4 qu...

SThree: Graduate Recruitment Resourcer

£20000 - £22500 per annum + OTE £30K: SThree: SThree Group have been well esta...

Guru Careers: Application Support Analyst / 1st Line Support

£25 - 30k: Guru Careers: We are seeking an Application Support Analyst / 1st L...

Guru Careers: .NET Developer / Web Developer

£45K - £55K (DOE) + Benefits: Guru Careers: We are seeking a full stack .NET D...

Day In a Page

Not even the 'putrid throat' could stop the Ross Poldark swoon-fest'

Not even the 'putrid throat' could stop the Ross Poldark swoon-fest'

How a costume drama became a Sunday night staple
Miliband promises no stamp duty for first-time buyers as he pushes Tories on housing

Miliband promises no stamp duty for first-time buyers

Labour leader pushes Tories on housing
Aviation history is littered with grand failures - from the the Bristol Brabazon to Concorde - but what went wrong with the SuperJumbo?

Aviation history is littered with grand failures

But what went wrong with the SuperJumbo?
Fear of Putin, Islamists and immigration is giving rise to a new generation of Soviet-style 'iron curtains' right across Europe

Fortress Europe?

Fear of Putin, Islamists and immigration is giving rise to a new generation of 'iron curtains'
Never mind what you're wearing, it's what you're reclining on

Never mind what you're wearing

It's what you're reclining on that matters
General Election 2015: Chuka Umunna on the benefits of immigration, humility – and his leader Ed Miliband

Chuka Umunna: A virus of racism runs through Ukip

The shadow business secretary on the benefits of immigration, humility – and his leader Ed Miliband
Yemen crisis: This exotic war will soon become Europe's problem

Yemen's exotic war will soon affect Europe

Terrorism and boatloads of desperate migrants will be the outcome of the Saudi air campaign, says Patrick Cockburn
Marginal Streets project aims to document voters in the run-up to the General Election

Marginal Streets project documents voters

Independent photographers Joseph Fox and Orlando Gili are uploading two portraits of constituents to their website for each day of the campaign
Game of Thrones: Visit the real-life kingdom of Westeros to see where violent history ends and telly tourism begins

The real-life kingdom of Westeros

Is there something a little uncomfortable about Game of Thrones shooting in Northern Ireland?
How to survive a social-media mauling, by the tough women of Twitter

How to survive a Twitter mauling

Mary Beard, Caroline Criado-Perez, Louise Mensch, Bunny La Roche and Courtney Barrasford reveal how to trounce the trolls
Gallipoli centenary: At dawn, the young remember the young who perished in one of the First World War's bloodiest battles

At dawn, the young remember the young

A century ago, soldiers of the Empire – many no more than boys – spilt on to Gallipoli’s beaches. On this 100th Anzac Day, there are personal, poetic tributes to their sacrifice
Dissent is slowly building against the billions spent on presidential campaigns – even among politicians themselves

Follow the money as never before

Dissent is slowly building against the billions spent on presidential campaigns – even among politicians themselves, reports Rupert Cornwell
Samuel West interview: The actor and director on austerity, unionisation, and not mentioning his famous parents

Samuel West interview

The actor and director on austerity, unionisation, and not mentioning his famous parents
General Election 2015: Imagine if the leading political parties were fashion labels

Imagine if the leading political parties were fashion labels

Fashion editor, Alexander Fury, on what the leaders' appearances tell us about them
Phumzile Mlambo-Ngcuka: Home can be the unsafest place for women

Phumzile Mlambo-Ngcuka: Home can be the unsafest place for women

The architect of the HeForShe movement and head of UN Women on the world's failure to combat domestic violence