Lloyds Banking Group to axe a further 570 jobs

| March 17, 2011 | 0 Comments

Banking giant Lloyds has today announced it will axe a further 570 jobs and outsource more than 560 positions.

The banking giant, which is 43% owned by the taxpayer, has now axed almost 27,000 jobs since its merger with HOBS, some of which were due to overlap following the merger.

The latest round of job cuts are set to go from the group’s wholesale, retail, insurance and human resources divisions throughout the UK.

In a statement, the bank said: “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,” the firm said.

However, the announcement met with criticism from Unite.

David Fleming, national officer, said: “The news that Lloyds Banking Group is to cut a further 570 jobs and outsource almost 600 jobs will be met with despair by the bank’s staff.

“Just two weeks ago, this taxpayer-supported organisation announced profits of £2.2 billion, Yet this decision represents a total failure by Lloyds to recognise that this turnaround is the outcome of the work of their staff,” said Mr Fleming.

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