1755 jobs to go in latest Lloyds shake-up

Lloyds Banking Group has announced a plan to axe 1,755 jobs as part of its latest shake-up.

The taxpayer-backed lender confirmed that the group-wide cuts, which form part of the 9,000 losses announced in 2014 in a three-year strategy, will follow the closure of 29 branches across its bank brands from June.

Lloyds has said it will also create 170 new jobs in the shake-up, which focuses on strengthening its digital operations and preparing it for a return to private hands after it was bailed out by the government in 2008.

According to Sky News, the lender said in a statement on the cuts: “Lloyds Banking Group is committed to working through these changes with employees in a careful and sensitive way.

“All affected employees have been briefed by their line manager today.”

It continued: “The group’s policy is always to use natural turnover and to redeploy people wherever possible to retain their expertise and knowledge within the group.

“Where it is necessary for employees to leave the company, it will look to achieve this by offering voluntary redundancy. Compulsory redundancies will always be a last resort.”