Bank / Credit Union

Lloyds resumes job cutting plan

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September 9, 2020

U.K. bank Lloyds is eliminating 865 jobs as part of a restructuring plan that had been put on hold at the start of the coronavirus pandemic.

The cuts will be in back office processing functions and head office departments, and partially offset by the creation of 226 roles, according to a Finextra report.

The workforce reduction, according to the bank, won't take effect until November, in order to give those affected time to secure a new position.

"The employer should not focus solely on cutting jobs and costs but instead the bank should invest in a workforce that has only shown loyalty, dedication and hard work through the good times, and the bad," Rob MacGregor, national officer at Unite union, told the news outlet.