Lloyds Resumes Layoff Strategy as It Cuts More Than 1,000 Jobs

By Sabela Ojea

Lloyds Banking Group PLC said Wednesday that it is cutting 1,070 roles within the bank, adding that it is also creating around 340 new roles, with the aim of adjusting its structure to customers' changing needs.

The FTSE-100 bank said its intention is to simplify the business, and that most of the layoffs are linked to its transformation and retail banking teams.

"There are no branch closures as a result of today's changes," the lender said.

The bank in September announced a cut of 639 jobs after resuming the restructuring drive that was put on hold during the worst of the coronavirus pandemic.

Shares at 1352 GMT were down 0.22 pence, or 0.8%, at 29.03 pence.

Write to Sabela Ojea at sabela.ojea@wsj.com; @sabelaojeaguix

(END) Dow Jones Newswires

November 04, 2020 09:09 ET (14:09 GMT)

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