Lloyds Banking Group is set to axe about 625 jobs and close 21 branches as part of a broader cost cutting drive announced by the bank in 2014.

Go deeper with GlobalData

Premium Insights

The gold standard of business intelligence.

Find out more

The redundancies would impact consumer operations, risk management and finance, according to the Unite union. London, Brighton, Gloucester, Leeds, Halifax and Wolverhampton would be among the affected locations.

The move would include shifting more than 80 IT jobs to India and a freeze on hiring at certain divisions.

In addition, the British banking giant also announced plans to create 195 new jobs, which would take the net loss of jobs to 430.

Lloyds said that it looks to "redeploy people wherever possible. Where it is necessary for employees to leave the company, it will look to achieve this by offering voluntary redundancy."

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

The latest round of layoffs form part of the group’s plan to slash 9,000 roles by 2017. The plan also includes closure of 200 branches during the three-year period.