Lloyds Banking Group to cut 1,230 jobs

Lloyds Banking Group plans to axe 1,230 jobs as it looks to cut costs and improve shareholder returns as part of its three-year strategy.

The bank said on Wednesday that it is cutting jobs in group operations, and the retail, marketing and finance divisions.

It said in a statement: “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.

"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."

Unite said the job losses were “horrific” and “wholly unacceptable”.

National officer Rob MacGregor said: “The constant flow of job cuts across LBG must now be halted and staff be allowed to get on with delivering the high quality and impressive service they are so good at providing. The Lloyds management pursuit of this cuts' agenda is counter-productive in their aim of a successful business.

“Unite will oppose all job losses and challenge senior management to ensure all those affected by this latest round of announcements be offered alternative suitable employment.”

At 1155 BST, Lloyds shares were down 1.7% to 52.75p.