More than 1,300 jobs will be cut from Lloyds Banking Group as part of the company’s strategic review.
Lloyds stated the changes would include the creation of 110 new roles across a range of business areas, meaning the net job losses would be 1,230.
The job losses are in the group operations, retail, customer products & marketing, finance and risk divisions.
It is part of the company’s plans to implement the 9,000 job cuts it announced in 2014, which included the closure of 200 branches.
In a statement Lloyds said: “This process involves taking difficult decisions, and we are committed to working through these changes in a careful and sensitive way.
“All affected employees have been briefed by their line manager today. [Unions] Accord and Unite were consulted prior to this announcement and will continue to be consulted.
“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.”
The government currently owns a 9.1 per cent stake in Lloyds Banking Group, which it plans to start selling off “in the coming days”.
It took a 43.4 per cent stake in the company during the financial crisis in 2009 when it injected £20.3bn into it.
Pre-tax profits at the bank were £2.5bn for the half year to 30 June, up from £1.2bn for the same period last year.
Rob MacGregor, Unite national officer said: “These announcements to staff across Lloyds Banking Group are horrific news for staff. 1,340 job losses within this taxpayer backed institution are wholly unacceptable.
“The constant flow of job cuts across LBG must now be halted and staff be allowed to get on with delivering the high quality and impressive service they are so good at providing.
“The Lloyds management pursuit of this cuts agenda is counter-productive in their aim of a successful business.
“Unite will oppose all job losses and challenge senior management to ensure all those affected by this latest around of announcements be offered alternative suitable employment.”
