Lloyds Banking Group, Britain’s biggest high-street lender, has unveiled new plans to axe another 1,000 roles as it continues to slash costs.
The bank, which revived its restructuring plans in September after temporarily freezing any redundancies at the start of the pandemic, told staff on Wednesday that it was cutting 1,070 roles but creating 340 new ones.
However Unite, the union, said the decision to cut roles was “shameful” given how hard staff had worked during the pandemic and Lloyds' bumper third quarter results last week. It has urged the bank to freeze its plans.
The lender said last week that pre-tax profits reached more than £1bn for the three months to September, almost double City estimates following a boom in home lending and a much smaller than expected provision for soured loans.
The quarter marked the highest period for mortgage applications since 2008.
Banks including Lloyds have had their profits squeezed in recent years by record-low interest rates, and have this year put aside billions of pounds as they brace for bad debts.
A spokesman said the decision reflects the “changing needs and makes parts of our business simpler”, adding that most of those affected will not leave until January at the earliest.
“Change does mean making difficult decisions,” he added.