Lloyds Banking Group and L&G announce job losses

Yet again the financial services sector has been dealt a heavy blow with the news that Lloyds Banking Group is shedding 240 offshore banking jobs.

Furthermore, Legal & General (L&G) has confirmed plans to axe 200 positions from its protection and annuities business in Hove, Cardiff and Kingswood in Surrey.

Lloyds Banking Group, which is 43% state-owned, has shed thousands of jobs following its merger with HBOS last autumn.

At the time of the deal, analysts said it was inevitable that the integration of the two banking giants were bound to create thousands of jobs losses because of the level of overlap between the two banks.

The 240 job losses are as a result of Lloyds and HBOS combining its operations in the Channel Islands and Isle of Man.

According to the Unite union, 182 of the Lloyds positions were going to be lost from its operations in Jersey, with the remainder of the staff affected in the Isle of Man and Guernsey.

Meanwhile, a spokesperson for insurance firm L&G said: “Legal & General has entered into consultation with collective representatives over potential redundancies within its UK Risk division.

“We will keep any potential redundancies to a minimum and will try to find suitable alternative employment for staff affected. Potential redundancies are being by driven operational efficiencies and changing business demand,” added the spokesperson.

Rob MacGregor of Unite described today‘s further job cuts as “a bitter loss“.

Unite is demanding no compulsory redundancies within both financial institutions.

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