British financial behemoth Lloyds Banking Group (LBG) is reportedly culling additional 500 jobs in its finance and retail operations, as part of the group’s restructuring strategy announced in June 2011.
The planned cuts bring the number of jobs lost at Lloyds to approximately 30,000 since the financial upheaval in 2008.
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The latest job cuts are expected to affect nearly 100 customer service managers and over 360 positions in the finance business, in addition to the retail and group risk functions.
LBG, which is 25% owned by the British government, said that the group always looks to use natural turnover and to redeploy people wherever possible to retain their expertise and knowledge within the group.
"Where it is necessary for employees to leave the company, it will look to achieve this by offering voluntary redundancy," the lender said in a statement.
"Compulsory redundancies will always be a last resort. In fact, since the strategic review in 2011 only around a third of role reductions have led to people leaving the group through redundancy," it further added.
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By GlobalDataHowever, the Unite union criticized the announcement and urged the London-based bank to stop its "salami-slicing" of jobs on a bi-monthly basis.
