Lloyds Banking Group (LBG) has announced a further reduction of 1,340 jobs, mainly aimed at branch staff, as part of an ongoing programme from the bank’s chief executive, Antonio Horta-Osorio.

This follows the plans announced in July to shed 3,000 jobs and 200 branches amidst the uncertainty caused by Britain’s decision to exit the European Union. These cuts, expected to be effective by the end of 2017, aim to save the bank £400m.

Job cuts have been prevalent at Lloyds since the 2008 rescue of HBOS. That takeover led to 45,000 job cuts initially, followed by a further 9,000 as part of Horta-Osorio’s cost-cutting programme.

Union Unite branded the move ‘horrific’. National officer Rob MacGregor said: “1,340 job losses within this taxpayer backed institution are wholly unacceptable.

“The constant flow of job cuts across LBG must now be halted and staff allowed to get on with delivering the high quality and impressive service they are so good at providing. The Lloyds management pursuit of this cuts agenda is counter-productive in their aim of a successful business.”

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By GlobalData