Lloyds to axe a further 300 jobs
Lloyds Banking group has announced that it will cut 300 jobs and close a call centre in Wales that will see 700 staff moved to jobs in other offices.
The job cuts will affect staff who work within the retail, wholesale and international group operations. This brings the total number of job losses at Lloyds to 27,700 since Lloyds Banking Group took over HBOS at the height of the credit crunch.
Lloyds has pledged to offer workers at the call centre in Bridgend, Wales, alternative positions in other local offices.
Chief executive, António Horta-Osório, has faced difficulties since taking the position in March. The banking group had to face a grilling by a Treasury Select Committee earlier this week on whether the UK banks investment and retail divisions should be split up in order to reduce the risk to UK taxpayers of another banking crisis.
In may Lloyds announced that they would set aside a provision of more than £3 billion to be used for compensation payments to customers who were miss-sold payment protection insurance (PPI). This led to the banking group posting a loss of £3.47 billion in the first quarter of 2011.
Lloyds is 41 per cent owned by the UK taxpayer and the taxpayer is also sitting on a £7 billion paper loss as Lloyds Banking Group shares continue to slump. Mr Horta-Osorio will present a strategic review of Lloyd’s operations on June 30th
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