Lloyds to axe 1,755 jobs in cost-cutting drive

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Lloyds Banking Group is cutting 1,755 job and closing 29 branches in its latest round of cost-cutting.

The job losses will hit Lloyds’ commercial banking, consumer finance, legal and retail arms, according to trade union Accord. The office closures will take place in June.

Lloyds is also adding 170 roles as part of the exercise, meaning net job losses will be 1,585.

Accord general secretary Ged Nichols says: “The job security situation in UK banks is getting ever more difficult. Staff in Lloyds Banking Group have been living with this worry since 2009 and the job losses aren’t over yet.

“We and Lloyds Banking Group have a good record of managing these issues through turnover and voluntary redundancy but it gets progressively more difficult.

“One of the Security of Employment Agreements in Lloyds is due to expire at the end of this year; our members need it to be extended until at least the end of 2017 and we’re asking Lloyds Banking Group to agree to this today.”

The headcount reduction is part of Lloyds’ turnaround plan announced in 2014, when the company said it would cut 9,000 staff.

Lloyds made around 1,000 job cuts at the end of 2015. Today’s announcement takes the total job cuts at the bank past the 5,000 mark.