Lloyds Banking Cuts Another 510 Jobs

Lloyds Banking Group PLC (LYG) said Wednesday it is cutting around 510 permanent roles across the retail business in the U.K.
The bank attributed the job cuts to the Chatham retail customer service's closure by the end of the year, as well as other jobs cut in regulated sales, mortgages and network support. In total, 530 people in full- or part-time positions will be affected by the cuts.
Lloyds said it prefers to use "natural turnover and to redeploy people wherever possible."
If people have to leave the company, Lloyds said it hopes to achieve this by voluntary severance and making less use of contractors. "Compulsory redundancies will be a last resort."
"These latest job losses are yet another example of the weekly hammering that the workforce of the bank is having to endure," national officer for the labor union Unite, Rob MacGregor, said in a statement.
"We have already seen over 2,400 job losses announced by the bank since its formation in January. Unite has made it plain that the union won't accept a situation where the LBG makes weekly announcements of hundreds of job losses," MacGregor added.
Lloyds acquired troubled mortgage lender HBOS in January this year, creating a bank with the U.K.'s largest market share in among others current accounts and mortgage lending.
The combined bank has about 140,000 employees, split about 50-50 between the two banks.
Company Web site: www.lloydsbankinggroup.com