Lloyds job losses approach 27,000

17th Mar 2011 13:42

Lloyds Banking Group is cutting another 570 jobs and closing its Cheltenham & Gloucester (C&G) mortgage range.The latest losses take the number axed since Lloyds, still 41%-owned by the British taxpayer, took over rival HBOS in 2008 to 26,770.Staff within the bank's wholesale, retail, insurance, group operations and human resources divisions will feel the brunt. No further mortgage applications via intermediaries will be accepted by C&G after 31 March, though the C&G branch network and savings business are unaffected.Some 450 roles will be transferred to third party provider iPSL following Lloyds' decision to outsource its cheque and credit processing services.And the unions aren't happy."Unite strongly opposes any attempt by Lloyds to make compulsory redundancies and is demanding that the organisation ends this practice of drip feeding staff job loss announcements, while at the same time increasing the number of agency staff being taken on," Unite national officer David Fleming said.Lloyds shares have tumbled since final results towards the end of February.Brokers were disappointed, suggesting the tail-off in the improvement in net interest margin and cautious comments over any further improvement 2011 and 2012 might hinder the possibility of dividends in 2012.