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  1. ITV Report

Lloyds Bank to cut hundreds of jobs

Union officials say Lloyds is planning job cuts. Credit: PA Wire

Lloyds Bank is to axe hundreds of jobs and close 21 branches during July 2016.

The cuts are part of the bank's Group Strategic Review outlined in 2014, in which it announced 200 branch closures over three years.

Officials from Unite Union say 625 jobs will be lost in total, affecting divisions including consumer finance, commercial banking and legal.

The union says the cuts will hit offices in London, Brighton, Gloucester, Leeds, Halifax and Wolverhampton.

Unite also says around 90 IT jobs will be moved offshore to India.

It is alarming that Lloyds are continuing to offshore IT roles in the name of driving down cost.

This simply means that the bank want to pay an IT worker in India less for the same work carried out in the UK.

– Unite regional officer John Morgan-Evans

Lloyds says 195 new jobs will created as part of the Group Strategic Review, meaning the net loss of jobs will be 430.

Lloyds Banking Group is committed to working through these changes with employees in a careful and sensitive way. All affected employees have been briefed by their line manager today. Accord and Unite were consulted prior to this announcement and will continue to be consulted.

– Lloyds Banking Group spokesperson