Lloyds cuts a further 200 jobs

Lloyds Banking Group is to cut another 200 jobs, taking the total number of posts lost at the company this year to 7,500.

The latest job cuts will be made at the bank’s general insurance department, affecting offices in Newport and West Yorkshire.

The cuts follow the bank’s decision to combine the sales, marketing, actuarial and underwriting operations of the Lloyds TSB and HBOS general insurance divisions.

In a statement Lloyds said: “The group’s preference is to use natural turnover and to redeploy people wherever possible. Compulsory redundancies will be a last resort.”

A spokesman for the bank told The Times that making a series of redundancies as opposed to one big cut was the only way the bank could proceed.

He said: “We have to go through the business and do the work and it takes as long as it takes. Our commitment is, though, to tell staff first.”

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But Rob MacGregror, national officer of the union Unite, said: “We have no confidence in this bank’s confused strategy. Only last week Lloyds Banking Group decided to abandon the closure of the Cheltenham & Gloucester branch network. This week they are cutting over 200 jobs.

“This steady stream of announcements and cuts is soul-destroying for the workforce at this state-owned bank and it must end.”