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Lloyds to axe 635 roles

Lloyds to axe 635 roles

Lloyds Banking Group has announced 635 net role reductions, which form part of the 9,000 job cuts announced in last October’s group strategy update.

The reductions are within retail, commercial banking, consumer finance, risk, finance, human resources and group operations.

The net total is inclusive of 65 new roles that will be created across retail, consumer finance, commercial banking and finance.

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All affected employees have been briefed by their line manager today (1 July) and the group’s recognised unions Accord, Unite, GMB and LTU were consulted prior to this announcement.

Last October, Lloyds confirmed that it would cut 9,000 jobs and close 150 branches as part of a three-year strategy.

Lloyds added that its policy is always to use “natural turnover” and to redeploy people wherever possible, in order to retain their expertise and knowledge within the group.

In a statement, the group said that where it is necessary for employees to leave the company, it will look to achieve this by offering voluntary redundancy, with compulsory redundancies always being a last resort.

“The group has an effective track record of managing change. Under the 2011-2014 strategy over 90 per cent of role reductions were achieved through a combination of natural attrition, redeployment and voluntary redundancy.”

donia.o’loughlin@ft.com