More job cuts announced by Lloyds Banking Group

MORE job cuts have been announced by Lloyds Banking Group despite Britain’s biggest domestic bank returning a profit in the third quarter.

The group has announced that a further 1070 jobs have been cut, as they plan to create around 340 roles separate from this announcement.

A Lloyds spokeswoman said: “These changes reflect our ongoing plans to continue to meet our customers’ changing needs and make parts of our business simpler.”

Lloyds announced 125 office staff were being let go in October but this latest, significant cull has worried unions.

Union Unite, which represents Lloyds staff, strongly criticised the latest cuts, with Unite national officer, Rob MacGregor, stating: “Unite cannot comprehend why LBG would choose to cut 1,000 staff who have given the bank such commitment and dedication during a global pandemic.”

A coronavirus-driven boom in demand for mortgages led Lloyds to post forecast-beating quarterly profits in October, however that hasn’t stopped them making savings throughout the business, with the latest roles cut coming mostly in non-customer facing roles.

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