06 October 2015

Lloyds to cut 2100 more jobs; slashes IT contractor pay

30 June 2009  |  6895 views  |  0 Lloyds web screen shot logo

Lloyds Banking Group is to cut another 2100 jobs in the UK, with the axe falling on operational support functions and payments services in offices across the country.

The bank says the jobs will be shed over the next three years as it merges operations and wholesale functions across Lloyds TSB and HBOS.

Operational functions including payment and business services and banking are combining, while the wholesale division is bringing together its Lloyds TSB and Bank of Scotland businesses in England and Wales.

The latest set of cuts will raise the total number of jobs lost at the group to 7000 since January.

The bank says it expects at least 700 of the reductions will come through natural attrition. It has also announced plans to create 350 new roles during the merger process.

The UK bank has also moved to cut its temporary wage bill by forcing a 15% pay cut on IT contractors and shipping in cheaper labour from India.

Labour unions condemned the latest round of cuts and said they had received assurances from the bank that no "permanent operational roles" would be offshored.

Comments: (0)

Comment on this story (membership required)
Log in to receive notifications when someone posts a comment

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board, sign up now.

Related blogs

Create a blog about this story (membership required)

Related stories

09 June, 2009
03 June, 2009
22 May, 2009
03 November, 2008
02 October, 2008
23 September, 2008
14 May, 2008

Related company news

Your browser is unable to support Flash files.

Top topics

Most viewed Most shared
More global banks back blockchain collabor...
10862 views comments | 57 tweets | 49 linkedin
Banks face choice to collaborate or compet...
8246 views comments | 43 tweets | 49 linkedin
BNP Paribas to pilot cards with dynamic CV...
6487 views comments | 31 tweets | 36 linkedin
Worldpay trials facial recognition technol...
6401 views comments | 23 tweets | 39 linkedin
Payments firm Adyen scores funding at $2.3...
4970 views comments | 16 tweets | 14 linkedin

Featured job

to £80K base + commission + bonus
London, UK

Find your next job