Lloyds Banking Group to cut 1,000 jobs as restructure continues
Lloyds Banking Group is slashing another 1,000 jobs tomorrow, as part of the bank's plans to restructure to a more digital focus.
The bank will be officially announcing the job cuts, which will be spread across all operations, tomorrow according to sources to Sky News.
The state-backed banking group set a target to reduce its workforce by 10 per cent a year ago, with 9,000 jobs and 150 branches slated to disappear before the end of 2017. Prior to today, some 2,300 jobs had already been cut.
Under the strategy, the bank estimates it will save around £1bn a year, and will invest a total of £1.6bn in digital services and automation.
The announcement comes just after chancellor George Osborne repeated in his Autumn Statement his plans to shed the government’s current 10 per cent stake in Lloyds.
The planned cuts take the total number of jobs Lloyds has axed since the financial crisis in 2008 to nearly 50,000, Sky News reported. In total, the “Big Four” banks shed nearly 190,000 jobs in the first five years after the crisis to hit a nine-year-low headcount.
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Sources said that the total number of people made redundant would land well below 1,000, as several of those affected would be moved to different positions within the group.
Lloyds Banking Group declined to comment, with a spokesperson from the bank telling City PM:
We are unable to comment on speculation. We would always consult with our colleagues and recognised unions prior to any announcement regarding any organisational changes.