Lloyds Banking Group has announced plans to shed a further 3,000 jobs and shut down an additional 200 branches amidst the economic uncertainty caused by Britain’s decision to exit the European Union.
The new cuts, which will be effective by the end of 2017, are expected to reap £400m in cost savings for the bank.
Go deeper with GlobalData
Lloyds CEO Antonio Horta-Osorio said: "Following the EU referendum the outlook for the UK economy is uncertain and, while the precise impact is dependent upon a number of factors including EU negotiations and political and economic events, a deceleration of growth seems likely."
The latest move comes on top of the 9,000 layoffs and 200 branch closures already announced in 2014 by the bank, which is 9% owned by the UK government.
Unite union national officer Rob MacGregor said: “There is a real danger that customer service will suffer and access to banking for numerous communities will be damaged because of this latest round of savage cuts.
“Over the coming days and weeks Unite will be in talks with Lloyds to understand the announcement in detail, pressing it for guarantees over compulsory redundancies and warning it against cutting too far too fast.”
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.
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
