'Death by a thousand cuts' continues at Lloyds Banking Group


'Death by a thousand cuts' continues at Lloyds Banking Group

Karl Flinders

Lloyds Banking Group's Halifax business is cutting its workforce by 650, with back-office jobs in the firing line again.

The bank is closing an insurance site in Nottingham and cutting the number of roles at other locations, including Chester.

It said some of the roles would be relocated to other sites, including Warrington and Speke.

Lloyds said it had tried to limit redundancies. "Significant progress has been made in mitigating the total number of potential job losses through relocation, redeployment and the release of contractors and temporary staff. "

The bank said that without its "mitigating actions", there would have been about 1,850 redundancies.

Last year, the Unite union accused Lloyds of embarking on a strategy of "death by a thousand cuts".

The bank has also told its IT contractors to accept a 15% drop in pay.

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