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Lloyds cutting 1,230 jobs as part of three-year strategy

Lloyds said the job cuts were not to do with the Brexit vote. Credit: PA

Lloyds is cutting 1,230 jobs as part of previously announced three-year strategy.

The banking group is cutting jobs in its group operations, retail, marketing and finance divisions and said the losses were not linked to the EU referendum result.

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."

Rob MacGregor, national officer of the Unite union, said it was "horrific news" for staff, adding: "Job losses within this taxpayer-backed institution are wholly unacceptable."

Next phase of government's sale of Lloyds stake imminent

Lloyds Banking Group. Credit: PA Wire

The next phase in the government's plan to sell taxpayers' remaining £3.6 billion stake in Lloyds Banking Group is set to begin shortly, Chancellor Philip Hammond has said.

Mr Hammond said the government's 9.1% would be sold through a trading plan to institutional investors following a period of turbulence in the financial markets.

The sale would enable the government to recoup the £20.3 billion used to bail out the bank during the 2008 financial crisis, the chancellor added.

"Returning Lloyds to the private sector is in the interests of the bank, taxpayers and the country as a whole," he said.

"That is why exiting our stake in Lloyds in an orderly way, and at the best possible price, is one of my top priorities as Chancellor."

In July, the Lloyds announced plans to axe 3,000 jobs and close 200 branches as it prepared to cut interest rates following the Brexit vote.

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