20th Jun 2018 16:21
LONDON (Alliance News) - Lloyds Banking Group PLC said Wednesday it will cut 195 jobs in a commitment to new technology.
The bank will cut 450 jobs total but is creating 255 new roles as part of a GBP3.0 billion investment programme over the next three years "to adapt and evolve to support changes in customer behaviour".
Lloyds want to "see a stronger focus on new technology and people". The jobs losses will come from back office teams and will not result in any branch closures.
A spokesperson for Lloyds said: "“Since 2011, over 90% of role reductions have been achieved through a combination of natural attrition, redeployment and voluntary redundancy. Where it is necessary for employees to leave the company, we will look to achieve this by offering voluntary redundancy. Compulsory redundancies will always be a last resort."
This new round of job losses comes on the back of the bank closing 49 branches, and 305 branch jobs, in April and cutting about 1,000 roles across six businesses in February.
Shares in Lloyds Banking were up 0.5% Wednesday at 61.85 pence each.
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