Lloyds Banking Group to cut more than 1,000 jobs

Lloyds Banking Group to cut more than 1,000 jobs

Lloyds Banking Group has said it plans to cut another 1,070 jobs as it continues a major restructuring programme.

Lloyds said its latest restructuring move will result in a net reduction of around 740 roles, as it will also create a further 330 positions across the business.

It is the latest set of redundancies after the banking group restarted its major restructuring programme following the pandemic.

In September, it unveiled plans to slash 865 jobs mainly in its insurance, wealth and retail teams.

A Lloyds Banking Group spokeswoman said: “This morning we shared changes to some of our teams and we can confirm a net reduction of around 730 roles.

“These changes reflect our ongoing plans to continue to meet our customers’ changing needs and make parts of our business simpler.

“The majority of colleagues briefed today will not leave until January at the earliest.

“We will help colleagues who are affected find new roles and redeployment opportunities wherever possible, and everyone will be given access to a package of training and support designed to help them secure their next position, whether within or outside of our business.

“Change does mean making difficult decisions and our focus remains on supporting our customers, colleagues and communities.”

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