LONDON (UK) – Britain’s biggest domestic bank Lloyds is cutting down 865 redundancies, as lenders get back to cutting costs while the COVID-19 pandemic affects the industry’s profits.
Lloyds had suspended job losses and restructuring early in the pandemic, with the decision going strong until October.
Union Unite criticised the cuts, which was announced alongside the creation of 226 new roles.
Unite national officer Rob MacGregor, said, “Unite is extremely worried about the future prospects of the 860 staff being told that they will lose their jobs during these very challenging times.”
A Lloyds spokeswoman said, “These changes primarily reflect our existing plans to simplify parts of our businesses, which were in place prior to Covid-19.”
“Any colleague impacted by today’s announcement will not leave the Group until November at the earliest.”