Lloyds Banking Group plans to cut a further 1,070 jobs, despite recently reporting better than expected profits.

A statement explained that the job losses were part of restructuring plans meant to simplify the business, noting that it is also creating around 340 roles – although there is no guarantee that they will be filled by staff affected by the cuts.

The latest round of job losses adds to the 865 announced in September, which followed a period where restructuring plans were put on hold during the first wave of the Coronavirus.

The bank, which has not taken any help from the government’s furlough scheme, stated that roles will be lost principally from its group transformation and retail bank teams, with most not leaving until January at the earliest.

Staff in its insurance and wealth offices will also be affected, but no frontline staff or branches will be hit by the latest round of job losses.

The Unite union stated: “Lloyds Banking Group has produced better than expected third quarter results, posting in excess of £1 billion of pre-tax profit – a direct result of the hard work and versatility of its workforce.

“This cost-cutting strategy will not serve the bank or its customers – it is impossible to reconcile the job losses announced today with such an improved balance sheet.”

Lloyds responded that the changes reflect ongoing plans to meet customers’ changing needs and make parts of our business simpler. “Change does mean making difficult decisions and our focus remains on supporting our customers, colleagues and communities.”

Share Story: