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| Lloyds Banking Group cuts 1,200 jobs | |
| (35 minutes later) | |
| Lloyds Banking Group has confirmed 1,230 jobs are being cut as part of its continuing restructuring plan. | |
| The bank, which is 9% state-owned, and has been working to reduce costs and improve returns for shareholders. | |
| The jobs will go from the group operations, retail, customer products and marketing, finance and risk divisions. | The jobs will go from the group operations, retail, customer products and marketing, finance and risk divisions. |
| The cuts are part of the 9,000 job losses the bank first announced in October 2014. | The cuts are part of the 9,000 job losses the bank first announced in October 2014. |
| The bank said the process involved "difficult decisions" and all affected staff had been told. | |
| Employee unions Accord and Unite were consulted prior to the announcement, the bank said, but Unite national officer Rob MacGregor called the move "horrific". | |
| Lloyds said its policy was to use natural turnover and to redeploy people wherever possible in order to "retain their expertise and knowledge" within the firm. | |
| Voluntary redundancy packages will also be offered with compulsory redundancies happening as a "last resort". | |
| Another part of the strategy to cut costs and modernise is the closure of hundreds of branches of the bank. | |
| In July, the bank said it was doubling the number of planned branch closures to 400. | |
| The bank attributed the cuts to changes in people's banking habits, with more demand for online services, as well as the sustained period of low interest rates. | |
| Last week, the government scrapped plans to sell its remaining stake in Lloyds to members of the public, citing market volatility for the decision. | |
| Instead, the stake will now be sold via a "trading plan", with small tranches of shares sold to institutional investors. |