Belfast Telegraph

Lloyds to slash 570 banking posts

Lloyds is to axe 570 jobs and outsource more than 560 posts under further organisational changes, the banking giant has announced.

The jobs will be lost from the group's wholesale, retail, insurance and human resources divisions, affecting many parts of the UK, including Chester (140 jobs), Scotland (90), Halifax (85), London (50) and Manchester (50).

The cuts take the total number of jobs lost since Lloyds merged with TSB two years ago to more than 26,700.

Unite said the latest news will be met with "despair" by the bank's staff.

Lloyds also announced that a further 560 jobs will be outsourced to other firms, affecting cheque and credit processing, mailroom and payroll functions.

The firm said: "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.

"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," it added.

"Where it is necessary for employees to leave the company, it will look to achieve this by offering voluntary severance. Compulsory redundancies will always be a last resort."