Lloyds Banking Group cuts 865 jobs
By Sean Farrell
Date: Wednesday 09 Sep 2020
(Sharecast News) - Lloyds Banking Group is cutting 865 jobs as it revives restructuring plans put on hold during the Covid-19 crisis.
Britain's biggest retail bank had paused job cuts during the pandemic and the delay was due to run until October. Lloyds said most of the jobs did not face customers and that it was creating 226 new jobs.
The Unite union said it was worried about the workers losing their jobs during the economic turmoil caused by Covid-19 and that the bank's regular job cuts were unsettling for remaining employees.
Rob MacGregor, Unite's national officer, said: "Unite is adamant that it is totally unacceptable that LBG persists in putting undue pressure on those who remain working for the bank by making hundreds more of their fellow workers redundant on a regular basis."
Lloyds said the cuts were part of a plan already in place before the Covid-19 crisis and that no one affected would leave until November at the earliest. The bank has slashed many thousands of jobs in the past decade.
HSBC is speeding up plans to cut 35,000 jobs worldwide and NatWest and Virgin Money are also going ahead with hundreds of redundancies. Barclays has temporarily suspended job cuts during the coronavirus crisis.
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