Lloyds cutting 640 jobs

30 June 2016
Lloyds cutting 640 jobs

Lloyds is shedding 640 jobs and closing branches. The bank said that these jobs will be going in IT, group operations, and their wealth management businesses.

This is part of the 9,000 job cuts that were announced in 2014.

They're also planning to close 23 branches in October, and by 2017, Lloyds will have closed 200 branches.

A spokesperson for the banking group said: "The group's policy is always to use natural turnover and to redeploy people wherever possible. Where it is necessary for employees to leave the company, it will look to achieve this by offering voluntary redundancy. Compulsory redundancies are a last resort."

You might be thinking that these cuts may have been brought about thanks to the Brexit vote. HSBC had previously said that they might have to send jobs to EU countries because of the EU Referendum, but Lloyds are denying this is the case for them.

The job losses at Lloyds will affect IT staff in Manchester, London, Edinburgh, Bristol, Halifax, and Copley, as well as sites in Leeds, Birmingham, Pudsey, and Banbury.

There'll also be jobs being axed Lloyds' wealth management business in London, the Isle of Man, Jersey, Guernsey, Haywards Heath, Birmingham and other areas in the country.

TOPICS:   Banking   Economy

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