Lloyds Banking Group, the fourth-largest UK bank by assets, is to axe 850 jobs with the closure of an office in Essex.

Compulsory redundancies have reportedly been imposed on 689 staff in the Essex office. Lloyds have already announced 2,750 job losses this year and the latest cuts are part of a previously announced plan to axe 15,000 roles by the end of 2014.

In a statement the bank said: "Lloyds Banking Group is committed to working through these changes with employees in a careful and sensitive way. All affected employees have been briefed by their line manager today. The groups recognized unions were consulted prior to this announcement and will continue to be consulted."

Dominic Hook, the Unite union’s national officer said: "Lloyds is celebrating a return to profit and there are hints of dividend payouts to shareholders, but the bank’s workers are in constant fear that they will be next for the chop.

"The constant job cuts across the banking industry is bad for bank staff, does nothing to support customers and it’s bad for Britain’s economy."


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