Lloyds Banking Group to cut almost 1,000 jobs over next two years

Lloyds bank has confirmed it will slash nearly 1,000 jobs over the next two years.

A total of 985 posts will be axed at Bank of Scotland Motor Finance – a business offering car finance. It follows a review that found the business was “no longer financially viable”.

Up to 200 jobs are likely to go at the firm’s centre in Speke this year, together with 340 jobs in Chester next year. Posts are also under threat in the sales force and at some regional collections centres across the UK.

David Oldfield, managing director, asset finance, at Lloyds Banking Group Wholesale Division, said: “The decision follows a detailed review carried out last year by Bank of Scotland.”

He added that the group planned to use natural turnover and hoped to redeploy people wherever possible. In a statement, compulsory redundancies were described as a “last resort”.

Rob MacGregor, Unite national officer, said: “Unite is pressing for Lloyds to ensure there is full consultation with the union ahead of any decisions that will impact on employment levels across the group.”

He added the union would oppose compulsory job losses.

Elsewhere, insurer Royal Sun Alliance told 500 staff at its Bristol offices they are to lose their jobs within 12 months.

The cuts are part of the 1,200 announced earlier this year with the aim of saving £70m.

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