Lloyds cuts 865 jobs as it resumes restructuring programme

Bank of Scotland owner Lloyds Banking Group is resuming its restructuring programme which will see it cut 865 jobs across the UK.

Lloyds cuts 865 jobs as it resumes restructuring programme

In January, Lloyds announced that it will be closing 56 branches across the UK this year, with 15 Bank of Scotland branches to close in Scotland. The plans were subsequently put on hold as the coronavirus crisis struck.

The job cuts will take place within its insurance, wealth management, back office processing functions and head office departments. The bank has said that the cuts will be partially offset by the creation of 226 new roles, BBC News reports.

Lloyds has said that the cuts will not come into force until at least November, adding that it will provide training and support to help those affected find new jobs.

The bank also said it would redeploy as many members of staff as possible. 

Rob MacGregor, national officer at union Unite, criticised the resumed cuts. He said that the pandemic has demonstrated the amazing resilience and flexibility of the Lloyds workforce.

He said: “The employer should not focus solely on cutting jobs and costs but instead the bank should invest in a workforce that has only shown loyalty, dedication and hard work through the good times, and the bad.”

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