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January 31, 2019

Lloyds to reduce headcount by around 300

British lender Lloyds Banking Group is set to lay off around 300 employees in a cost-cutting drive.

Trade union Unite said that the move will impact various departments of the bank. Affected regions are Fareham, Birmingham, London, Halifax and Chester.

Unite termed the downsizing exercise as “appalling” and asked clarification regarding the future of the redundant staff.

Additionally, it has urged the bank to offer redeployment opportunities and ensure that smaller occupancy sites are not affected.

Unite national officer Rob MacGregor said: “Unite has strongly objected to the reductions in sites and job roles announced today, especially against the backdrop of the continual use of agency staff and contractors.

“Unite is demanding that Lloyds Banking Group ceases the job cuts and closures in order to fully review the number of temporary and contract staff within the company.”

Lloyds was bailed out by UK taxpayers during the financial crunch. In this period, the UK government spent £20.3bn to acquire a 43% stake in the bank.

Lloyds returned to private ownership in May 2017. Since then, it has trimmed its branch network and cut hundreds of jobs.

The latest headcount reduction is said to be part of Lloyds’ Group Strategic Review 3, which focuses on digital transformation.

To achieve its goal, the bank committed £3bn in strategic digital initiatives and unveiled plans to reduce operating costs to less than £8bn in 2020.

However, it ensured last November that 8,000 roles will be created.

 

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