Lloyds banks cuts 1,070 job as it simplifies back office structure

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Lloyds Banking Group is to cut 1,070 jobs under a plan to simplify structures in some back office operations.

The bank said that the shake-up would affect its group transformation and retail bank teams and result in 730 net jobs lost because the plans would also see 340 new roles created.

It marked the latest move by Lloyds to cut costs as profitability is squeezed by record low interest rates in the coronavirus-ravaged economy.

The announcement prompted an angry union backlash with Unite accusing the group of punishing loyal staff who had gone beyond the call of duty in supporting the bank and its customers through the pandemic.

A Lloyds spokesperson said: “This morning we shared changes to some of our teams and we can confirm a net reduction of 730 roles.

“These changes reflect our ongoing plans to continue to meet our customers’ changing needs and make parts of our business simpler.

“The majority of colleagues briefed today will not leave until January at the earliest.

“We will help colleagues who are affected find new roles and redeployment opportunities wherever possible and everyone will be given access to a package of training and support designed to help them secure their next position, whether within or outside of our business.

“Change does mean making difficult decisions and our focus remains on supporting our customers, colleagues and communities.”

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