Lloyds Banking Group has decided to slash 1,070 jobs principally from its group transformation and retail bank teams
The UK banking group said that the latest job losses will be partially offset by the creation of 329 new roles, resulting in a net loss of 730 jobs.
In September, the bank had already cut 865 jobs as it resumed a restructuring programme that was put on hold at the beginning of the Covid-19 pandemic.
Unite the union called the decision as "shameful" as it has witnessed a strong third quarter results statement which saw the bank recording over £1 billion in pre-tax profit.
Rob MacGregor, Unite national officer said, “Unite cannot comprehend why LBG would choose to cut 1,000 staff who have given the bank such commitment and dedication during a global pandemic. These staff have worked tirelessly despite any risks to themselves. It is impossible to reconcile the job losses announced today with such an improved balance sheet."
