Lloyds cuts jobs in Brexit revamp plan
The state-backed British bank has deepened job cuts and plans to close 200 branches as part of strategic overhaul
LONDON — State-backed Lloyds Banking Group said on Wednesday it planned to axe 1,230 jobs as part of a three-year restructuring plan aimed at cutting costs and improving shareholder returns. Employee union Unite branded the job losses, expected to hit the lender’s retail banking, group operations, customer products, marketing, finance and risk divisions, "horrific".The net total of planned layoffs is inclusive of 110 new roles that will be created across these business areas, the bank said. Lloyds announced in July it would cut a further 3,000 jobs and close 200 branches amid a more testing economic environment caused by Brexit. The bank has already cut about 4,000 positions from its 75,000-strong workforce in 2016 and has closed about 100 branches so far in 2016. "The Lloyds management pursuit of this cuts agenda is counterproductive in their aim of a successful business," said Unite national officer Rob MacGregor. A bank spokeswoman said affected employees had been briefed and uni...
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