Lloyds planning to axe 625 UK jobs in cost-cutting plan

State-backed Lloyds Banking Group is planning a reduction in the workforce of 625 units, in agreement with the unions as part of a cost cutting program.
The cut of the jobs are in the back office and partly in IT, which should be moved to India. "United has made it clear that 'efficiency' can not simply mean axing more jobs while expecting the same work to fall on fewer shoulders," United said. "The bank forgets that relentless these cuts have a human cost."
Lloyds said that the reduction will amount to 430 units, net of new hires.

Earlier this year Lloyds have rewarded their investors with a surprise 2 billion pound payout, as the bank moves closer to returning to private hands. The unions, for their part, report that three out of four staff are suffering from severe symptoms of stress while four out of five are working unpaid overtime every week. "Where it is Necessary for employees to leave the company, it will look to Achieve this by offering voluntary redundancy," Lloyds said in a statement. "Compulsory redundancies will always be a last resort."