Lloyds cuts 940 jobs

Lloyds Bank is to cut more than 940 jobs, taking job loss announcements at the firm to 1,300 in the past few days.

Retail and international divisions facing cuts at Lloyds

In a statement Lloyds Banking Group said outlined the areas of the business that would be affected. It said there would be reductions within:

"The group operations, insurance, retail, wealth and international and commercial divisions. These form part of the reductions previously announced in the group's strategic review.

"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."

Unions say it marks a "bleak start to the year"
Unions say it marks a "bleak start to the year" Credit: Press Association

200 Lloyds posts 'being moved offshore to India'

The union Accord says almost 200 Lloyds posts are being moved offshore to India. The Unite union added that since 2009 Lloyds has slashed a quarter of the workforce:

It is a complete disgrace that the bank, which is 41%-owned by the taxpayer, continues to cut jobs in such a cavalier manner.

In the middle of an economic crisis, a bank part-owned by the public should be keeping jobs in the UK, not exporting them abroad.

Unite has warned Lloyds Banking Group that if they are looking for a period of stability and growth to return it to profitability, this cannot and will not be achieved by continuous and damaging job loss announcements.

Unite opposes these cuts and will be doing everything possible to stop compulsory redundancies.

– Unite

Advertisement