Lloyds Banking Group announces 990 job cuts as part of plan to cut 15,000 jobs

Lloyds Banking Group announced 990 job cuts yesterday, which, according to the part-nationalised bank formed part of last year's broader plans to slash 15,000 jobs across the company.

Around 990 positions would go as the result of site closures in Lloyds TSB Scunthorpe, Lloyds TSB Dudley and its wholly-owned HBOS susidiary units at Romford and Newcastle.

The roles would come from within the group operations, group executive functions, risk, wholesale and insurance divisions.

Lloyds' group operations division, which is engaged in back office processing, will consolidate its activities across fewer sites, reducing these from 27 to 15.  More redundancies are expected to be announced with site closures during the course of the year.

According to David Fleming, national officer for the Unite trade union, already some 28,000 employees had lost their jobs as a result of the past poor management decisions at the top of this organisation. He added now staff across the LBG insurance, HR, wholesale, retail and group operations would face an uncertain future.

The bank has come out with plans for pruning the workforce by 15,000 as part of a restructuring designed to save £1.5 billion a year.