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Bank charges: Job cuts at Lloyds

Lloyds Banking Group will be cutting down on its work force, it has been announced.

Despite already making huge staff cuts, 550 employees in divisions such as risk, retail and investment stand to lose their job.

Lloyds also cut 1,340 jobs in January.

This move has been criticised by the trade union group Unite as the bank had increased the amount of agency workers it employs.

Unite said: “Lloyds is looking for a period of stability and growth but it won’t be achieved by continuous and damaging job cuts.”

The bank reported that it had incurred losses in its annual report. Part of this was due to claims on payment protection insurance.

By cutting down on its staff workforce, Lloyds is adding to the issue of unemployment that is causing concern within the UK’s domestic economy.

However, the bank has said that it will try to redeploy employees who are going to lose their jobs.

John Fieldman

Having worked in the city for 19 years, John's main focus is interest rates and corporate finance.ADNFCR-2776-ID-801555990-ADNFCR



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