Lloyds Bank slashes 1,300 jobs, will not rule out IT cuts in the future

Lloyds Bank slashes 1,300 jobs, will not rule out IT cuts in the future

Reducing back office costs was part of the company's strategic review in June

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Lloyds Banking Group has confirmed that IT jobs will not be affected in the 1,300 cuts it announced today, but declined to rule out technology personnel being affected in the future.

The cuts will hit the company’s group functions, retail, group operations and wealth and international businesses. However, Lloyds’ IT, which sits in the group operations division, is unaffected by today’s announcement.

“[The announcement] doesn’t hit the IT community. [But] it’s hard to say it’s absolutely no [in the future],” a spokesperson for the bank said.

In a statement today, the company said that 1,120 of the role reductions are part of the 15,000 job cuts announced at its strategic review on 30 June. The remaining 180 jobs are part of the company’s ongoing three-year integration programme, which is due for completion at the end of the year.

Lloyds said that it would try to use natural turnover, redeploy people and offer voluntary redundancy wherever possible. It insisted that compulsory redundancies would always be a last resort.

The company said that it would continue to consult trade unions including Unite, GMB, Accord and LTU prior over the announcement.

David Fleming, Unite national officer, said: “Unite is demanding that the Lloyds Banking Group puts an end to the widespread practice of employing agency and temporary staff while making thousands of permanent employees redundant. This approach is abhorrent and instead Lloyds should be redeploying and retraining its existing workforce to limit the impact caused by its restructuring plans.”

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