Lloyds Banking Group to cut 640 jobs

Axe In Wood

Lloyds Banking Group is planning to cut around 640 jobs in a bid to scale back its branch network.

The company will be cutting IT and back-office roles, according to Reuters, with a net loss of 525 roles after newly created roles are included.

"The continuation of the bank's major job loss program will bring disappointment as staff feel they have already faced two years of endless workforce cuts," said Rob MacGregor, national officer at the Unite union.

Earlier this year, Lloyds revealed plans to axe 1,775 jobs and close 29 branches. The group subsequently said it would be making 625 further redundancies while creating 195 new roles. This followed on from the bank's announcement last November that it would be cutting 1,000 jobs, with the ultimate target of reducing the size of its workforce by 10 per cent.

Lloyds was bailed out by the government with a £10bn lifeline handed over during 2008 and 2009. The government has since recouped around half of that amount with a gradual sell-off of shares in the bank.

Lloyds has been contacted for comment.

Full story: Lloyds Banking Group to cut 640 jobs: City A.M.

JefferiesAnd the Best Place to Work in the global financial markets 2016 is...

Register for Financial Markets News Alerts