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The biggest bank in Britain has axed 930 jobs across various divisions ahead of a new three-year strategy that is set to be revealed later this month.
A spokesperson from Lloyds Bank said that the majority of the job cuts were within the commercial banking unit of the lender, risk, the chief information office, insurance and wealth, and community banking.
A net sum of 465 roles will be axed as Lloyds prepared to add 465 new positions across the business areas of the bank.
Lloyds said that all the affected employees had been briefed regarding the matter and the unions Unite and Accord were consulted prior to the announcement that was made today.
“This process involved making difficult decisions, and we are committed to working through these changes in a careful and sensitive way,” stated the spokesperson.
“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, we will look to achieve this by offering voluntary redundancy. Compulsory redundancies will always be a last resort.”
Lloyds will unveil the three-year strategy of the company on the 21st of February when it announces its full-year results.