View all newsletters
Receive our newsletter – data, insights and analysis delivered to you
  1. News
November 27, 2015updated 12 Apr 2017 3:50pm

Unite: Lloyds to cut 221 commercial finance jobs

Lloyds Banking Group has announced a tranche of 945 job losses as part of a restructuring plan to cut a total of 9,000 jobs, which according to Unite the union consists of 221 commercial finance jobs.

By Brian Cantwell

Lloyds Banking Group has announced a tranche of 945 job losses as part of a restructuring plan to cut a total of 9,000 jobs.

The British banking giant in a statement said: "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."

The publicly-owned bank’s union, Unite, said that Lloyds had informed it that 221 commercial finance jobs had been earmarked for the cuts, although it was not clear at press time whether this directly affected Lloyds asset finance specialists.

The statement from Unite said: "For a number of reasons, the Bank has informed Unite that they wish to remove a large number of roles in Commercial Banking, across several areas and across the UK.

"221 roles are to be removed through selection and direct removal of roles over the period up to June 2016. This is a complex re-structure which cannot be summarised here but Unite has concerns that this change cannot be met without high numbers of compulsory redundancies."

 

NEWSLETTER Sign up Tick the boxes of the newsletters you would like to receive. A weekly roundup of the latest news and analysis, sent every Thursday. The leasing industry's most comprehensive news and information delivered every month.
I consent to GlobalData UK Limited collecting my details provided via this form in accordance with the Privacy Policy
SUBSCRIBED

THANK YOU

Thank you for subscribing to Leasing Life