Lloyds Banking Group to cut 700 jobs

 

Part-nationalised Lloyds
Banking Group announced 700 job cuts across the UK today as chief
executive Antonio Horta-Osorio continues to overhaul the lender.

The job losses, in a wide range of divisions and locations, form part of 15,000 cuts announced in June under Mr Horta-Osorio's strategic review for the business.

Lloyds, which is 40.2 per cent owned by the taxpayer, said the biggest chunk of job losses would be at offices in Cardiff and Newport, where 200 face the axe. The remaining cuts are spread across the UK.

The announcement comes shortly after Mr Horta-Osorio returned to the bank after a two-month leave of absence due to severe sleeping problems.

It also follows official unemployment figures which showed the number of jobless in the UK hitting a 17-year high of 2.68 million in the three months to November.

The group said it would use natural turnover and redeploy people where possible and compulsory redundancies would always be a "last resort".

All affected employees were briefed by their line managers today, Lloyds added, while the group's recognised unions were consulted prior to the announcement.

The group said in its strategic review that it would target middle-management roles, while divisions affected in this latest round include community bank, wholesale, and wealth and international divisions, among others.

In addition to 15,000 job cuts revealed in June, Mr Horta-Osorio also announced plans to reduce the company's international presence from 30 countries to fewer than 15 by 2014. He also pledged to revitalise the Halifax brand.

Lloyds said underlying profits fell 21 per cent to £644 million in the three months to September 30 after being hit by weaker demand for loans and higher wholesale funding costs.

PA

Suggested Topics
Start your day with The Independent, sign up for daily news emails
Have you tried new the Independent Digital Edition apps?
ebooks
ebooksAn introduction to the ground rules of British democracy
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 General

Recruitment Genius: Home Care / Support Workers

£7 - £10 per hour: Recruitment Genius: This care provider is looking for Home ...

Recruitment Genius: Web Team Leader

£30000 - £35000 per annum: Recruitment Genius: One of the UK's leading web des...

Recruitment Genius: Client Manager

£27000 - £35000 per annum: Recruitment Genius: A growing, successful, friendly...

Recruitment Genius: Property Negotiator - OTE £20,000+

£16000 - £25000 per annum: Recruitment Genius: This family owned, independent ...

Day In a Page

Greece says 'No': A night of huge celebrations in Athens as voters decisively back Tsipras and his anti-austerity stance in historic referendum

Greece referendum

Greeks say 'No' to austerity and plunge Europe into crisis
Ten years after the 7/7 terror attacks, is Britain an altered state?

7/7 bombings anniversary

Ten years after the terror attacks, is Britain an altered state?
Beautiful evening dresses are some of the loveliest Donatella has created

Versace haute couture review

Beautiful evening dresses are some of the loveliest Donatella has ever created
No hope and no jobs, so Gaza's young risk their lives, climb the fence and run for it

No hope and no jobs in Gaza

So the young risk their lives and run for it
Fashion apps: Retailers roll together shopping and social networking for mobile customers

Fashion apps

Retailers roll together shopping and social networking for mobile customers
The Greek referendum exposes a gaping hole at the heart of the European Union – its distinct lack of any genuine popular legitimacy

Gaping hole at the heart of the European Union

Treatment of Greece has shown up a lack of genuine legitimacy
Number of young homeless in Britain 'more than three times the official figures'

'Everything changed when I went to the hostel'

Number of young homeless people in Britain is 'more than three times the official figures'
Compton Cricket Club

Compton Cricket Club

Portraits of LA cricketers from notorious suburb to be displayed in London
London now the global money-laundering centre for the drug trade, says crime expert

Wlecome to London, drug money-laundering centre for the world

'Mexico is its heart and London is its head'
The Buddhist temple minutes from Centre Court that helps a winner keep on winning

The Buddhist temple minutes from Centre Court

It helps a winner keep on winning
Is this the future of flying: battery-powered planes made of plastic, and without flight decks?

Is this the future of flying?

Battery-powered planes made of plastic, and without flight decks
Isis are barbarians – but the Caliphate is a dream at the heart of all Muslim traditions

Isis are barbarians

but the Caliphate is an ancient Muslim ideal
The Brink's-Mat curse strikes again: three tons of stolen gold that brought only grief

Curse of Brink's Mat strikes again

Death of John 'Goldfinger' Palmer the latest killing related to 1983 heist
Greece debt crisis: 'The ministers talk to us about miracles' – why Greeks are cynical ahead of the bailout referendum

'The ministers talk to us about miracles'

Why Greeks are cynical ahead of the bailout referendum
Call of the wild: How science is learning to decode the way animals communicate

Call of the wild

How science is learning to decode the way animals communicate