Lloyds to axe another 500 bank jobs in UK

Wednesday 09 July 2014 16.01
500 more jobs to go at Lloyds Banking Group
500 more jobs to go at Lloyds Banking Group

British banking giant Lloyds is to axe another 500 jobs under "organisational changes" in its finance and retail sections.

The bank, part-owned by the UK taxpayer, said the cuts were part of 15,000 previously announced reductions. 

The cuts bring the number of jobs lost at Lloyds to around 30,000 since the banking crisis unfolded in 2008, said UK banking union Unite.

The bank, 24.9% owned by UK taxpayers, said 175 of the job losses would be mitigated by the release of temporary agency staff and other measures.

"The group's policy is always to use natural turnover and to redeploy people wherever possible to retain their expertise and knowledge within the Group," a statement from the bank said.

"Where it is necessary for employees to leave the company, it will look to achieve this by offering voluntary redundancy.
Compulsory redundancies will always be a last resort," it added.