Lloyds Banking Group announces 450 job cuts affecting mostly back-office workers

  • Lloyds plans to cut 450 jobs, mainly affecting back-office roles
  • Lender said it is also creating 255 new roles as part of its planned 
  • As a result this will mean net job losses at Lloyds of some 195 roles
  • Lloyds has said it will try to redeploy affected staff where possible

Lloyds Banking Group has confirmed plans to cut 450 jobs, mainly affecting back-office roles.

The lender added that it was also creating 255 new roles as part of its planned changes and, as a result, it would mean net job losses of 195 roles.

Lloyds said it would try to redeploy affected staff where possible.

Lloyds Banking Group has confirmed plans to cut 450 jobs, mainly affecting back-office roles

‘The group’s policy is always to use natural turnover and to redeploy people wherever possible to retain their expertise and knowledge within the group.

‘Since 2011, over 90 per cent of role reductions have been achieved through a combination of natural attrition, redeployment and voluntary redundancy.

‘Where it is necessary for employees to leave the company, we will look to achieve this by offering voluntary redundancy. Compulsory redundancies will always be a last resort.

‘Today’s announcement involves making difficult decisions and we are committed to working through these changes in a careful and sensitive way.’ 

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