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Lloyds Banking Group make more job cuts

Lloyds Banking Group make more job cuts

Category: Banking

Updated: 14/12/2012
First Published: 07/02/2012

MONEYFACTS ARCHIVE
This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.

Lloyds Banking Group is to cut almost another 1,000 jobs as part of its cost-cutting effort, it has been announced.

The decision was described as 'devastating' by Accord, the union which represents Lloyds Banking Group employees.

The cuts are to affect employees in Newcastle, Romford, Scarborough and Leeds.

Accord said it would be contacting every member who has been personally affected and will provide support and guidance.

Antonio Horta-Osorio, the new boss at the Group who recently returned from a leave of absence, announced 15,000 job losses in June last year, a move which is hoped will save £1.5 billion.

This latest announcement means Lloyds Banking Group has revealed the details of 3,800 of the 15,000 planned job cuts.

Added to the 30,000 jobs which have been cut from the Group since 2008, the total number of jobs lost could reach 45,000 by 2014.

"Lloyds Banking Group shedding almost 1,000 more jobs on top of the 30,000 that have been lost since HBOS was taken over just three years ago is devastating news for the employees who will be affected and the communities in which they live," said Ged Nichols, general secretary of Accord union.

"The areas affected cannot afford to lose the high quality jobs that will go as a result of today's announcement.

"We will fully support all of our members through the change processes, providing them with the maximum level of help and doing everything we can to avoid compulsory redundancies.

"The truth is that even those who volunteer for redundancy will find it difficult to find alternative employment in these difficult economic times."

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