350 Scottish jobs to go in latest Lloyds cull

Lloyds Banking Group has announced yet another round of redundancies today – with over 2,100 facing the axe. Scotland has taken a big hit, with 350 jobs expected to go north of the border.

This takes the total cull by Lloyds since the takeover of HBOS and subsequent government bailout to 7,500. The latest cuts are to affect the group and wholesale operations divisions, as it brings together "a number of operational support functions".

Lloyds said that it would seek 700 of the cuts through letting go of contract and agency staff and via 'natural attrition'.

Understandably, the move has drawn an angry reaction from banking unions. Rob McGregor, national officer at Unite, said: "Unite is astonished that the Lloyds Banking Group is to make a further 2,100 cuts. As a taxpayer supported organisation, real questions need to be asked as to how far this bank can be allowed to go in this systematic slashing of staff."

It also stated that it wouldn't offshore any more roles. This is in spite of also announcing a blanket pay reduction for its IT contractors in the UK, while also bringing in less expensive staff from India.

"The Lloyds Banking Group has taken its offshoring policy to a new low. Not content with offshoring 4,500 jobs, the bank is now flying in hundreds of Indian staff to work in the UK and take the jobs of UK-based staff. Such a policy is outrageous and must be stopped immediately," said Mark Brown, assistant general secretary at Lloyds TSB Group Union.