5000 bank jobs to be cut by end of next year
Lloyd's Banking Group has announced plans to cut 5000 jobs - including 1190 insurance roles - by the end of next year.
The end result is likely to see the loss of about 2600 permanent jobs following redeployment and the release of contractors, temporary staff and offshore personnel.
Approximately 1190 insurance roles will be affected across the UK. 950 will come from the life, pensions and investments business and 240 from general insurance.
Approximately 250 of the role reductions are expected to be achieved through the release of contractors and temporary staff. Therefore, a net reduction of 940 jobs in insurance is expected
In group operations, 2820 roles will be affected, including 720 roles being redeployed. In addition, approximately 750 of the total role reductions, including about 550 offshore positions, are expected to be achieved through the release of contractors and temporary staff. Following these changes, there will be a net reduction of 1350 job
Within Lloyds' mortgage operations, approximately 950 roles will be affected across the UK as the business is consolidated to seven sites.
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