Lloyds Banking Group to Cut 305 Jobs

By Maryam Cockar

Lloyds Banking Group PLC (LLOY.LN) said Tuesday that it will cut 305 jobs primarily from its branch network as part of its strategic plan to focus on technology and staff.

Accord, the trade union for staff in financial services, said Lloyds plans to remove about 1,230 jobs across eight business divisions while creating 925 new roles, for a net reduction of 305 jobs.

The FTSE 100-listed lender said its policy is to redeploy staff wherever possible. Since 2011, more than 90% of role reductions have been achieved through natural attrition, redeployment and voluntary redundancy, it said.

"Even taking into consideration the number of new roles being created, they [the reductions] do not replicate the seniority of roles being removed and the experience which will leave the bank," said Accord General Secretary Ged Nichols.

At 1331 GMT, Lloyds shares were up 0.35 pence, or 0.5%, at 68.03 pence.

Write to Maryam Cockar at maryam.cockar@dowjones.com

(END) Dow Jones Newswires

April 17, 2018 09:58 ET (13:58 GMT)

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