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Lloyds Bank to shed 780 jobs

By Caoimhe Toman

Date: Thursday 27 Feb 2020

Lloyds Bank to shed 780 jobs

(Sharecast News) - Lloyds Banking Group is set to cut 780 jobs in the UK, representing around one in 16 of its branch-based workforce.
According to an announcement by Unite on Wednesday the bank had informed its workforce of the planned cuts and said it was "deeply alarming".

"The decision by Lloyds Banking Group to cut the equivalent of 780 staff from its branches is yet more evidence of the bank's profits over people culture," said Scott Doyle of Unite.

Last week, in its results report, Lloyds revealed a 26% drop in annual profits after it was hit by debts and billions of pounds of customer compensation.

Lloyds has cut around 5,000 staff in the last two years, going from around 68,000 employees at the end of 2017 to just 63,000 at the end of 2019.

In remarks to Reuters, a Lloyds spokeswoman said: "As customers are using our branches less often, we are reducing the number of roles across our branch network.

"This means we can shape our service according to customer behavior and local demand. Change does mean difficult decisions and we are focused on supporting our colleagues at this time."

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