Lloyds Cuts 730 More Tech, Retail Jobs as Restructuring Deepens

Lloyds Banking Group Plc is cutting about 730 more jobs, mostly at its technology and retail units, as the British lender executes a restructuring plan that was paused by the pandemic.

Most of the affected staff won’t leave until January, the London-based bank said Wednesday. While the bank is creating more than 300 new positions, more than 1,000 roles are being eliminated.

Chief Executive Officer Antonio Horta-Osorio resumed his job-cutting program in September, taking the ax to the bank’s wealth and insurance division. British banks face headwinds ranging from rock-bottom interest rates to a fraught Brexit process, increasing the pressure to get costs under control.

The bank swung to a profit of more than 1 billion pounds ($1.3 billion) in its third quarter, helped by a buoyant U.K. housing market, but said that its outlook remains uncertain.

The Unite union said that the company’s commercial bank will also be hit, and asked that the cuts be postponed again given the positive earnings report and the continued threat from the pandemic.

©2020 Bloomberg L.P.

BQ Install

Bloomberg Quint

Add BloombergQuint App to Home screen.