Lloyds set to confirm another 1,000 job cuts


Lloyds Banking Group is reportedly poised to confirm details of another 1,000 job cuts as part of its drive to slash costs.

It is understood the job losses are part of an overall target to slash its workforce by 9,000, which was announced last October when the group also said it would be shutting 200 branches, while opening 50 more.

The latest round of redundancies will impact across the bank's operations, including branches, according to reports.It is believed Lloyds will seek to redeploy those affected elsewhere within the group to limit compulsory redundancies.

A spokesman said: "We are unable to comment on speculation. We would always consult with our colleagues and recognised unions prior to any announcement regarding any organisational changes."

More than 2,300 of the 9,000 jobs are thought to have already been cut so far, while the state-backed lender's total cull is now running at around 50,000 since its rescue takeover of Halifax Bank of Scotland in 2008.

The job cut reports come a day after the Treasury reiterated its plans in the Autumn Statement to sell around £2 billion of shares in Lloyds to retail investors next spring, backed by a nationwide TV, print and digital campaign.

The Government was left with a 43% stake in Lloyds after its £20.5 billion bailout following the group's HBOS takeover, but has already cut its holding to just under 10% by selling tranches of shares to institutional investors.

The long-delayed official report into the failure at HBOS last week blamed senior managers and the bank's board for its collapse.

Up to 10 senior HBOS bosses may face being banned from roles in the City and on company boards as regulators said they would look at whether further sanctions could be taken.