Cutback plan revived

Lloyds to axe 865 insurance and wealth jobs

Lloyds Banking Group

The bank is also creating jobs

Lloyds Banking Group has revived plans to cut jobs announced before the pandemic and which had been put on hold.

The company, which owns Bank of Scotland and Scottish Widows, said 865 jobs will go in areas such as insurance and wealth management and follow the setting up of a joint venture with Schroders.

The majority of the jobs being lost are in non-customer facing posts.

Lloyds, which has about 65,000 employees, had warned of cuts in January and these cuts are steeper than originally announced.

It will also create 226 roles which leaves a net reduction of 639.

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A spokesperson said: “When the pandemic began in March, we suspended all planned structural changes and made a number of commitments to colleagues to give them as much support as possible during this period of uncertainty.

“This included continuing to pay colleagues in full regardless of their working circumstances and pledging that anyone placed on notice of redundancy would not leave the group before October, both of which we remain fully committed to.

“We will seek to redeploy wherever possible, with all colleagues given access to a package of training and support designed to help them secure their next position, whether within or outside of the group.”

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