Business

Lloyds is cutting 450 jobs as back office staff take the biggest hit

Lloyds Banking Group is axing 450 jobs today with back office staff facing the biggest lay offs.

The retail and commercial bank focused on the fact that it is also creating 255 new roles, bringing the net job reduction down to 195.

A change in customer behaviour was cited by Lloyds as the main reason behind the new cuts, as the company looks to tailor the needs of its branches to the increasing popularity of online banking.

The news follows on from yesterdays allegations relating to the serious misconduct by Lloyds over the handling and disclosure of fraud at its HBOS Reading unit.

Read more: Explosive report published into Lloyds's handling of HBos fraud case

A spokesperson for Lloyds Banking Group said: "Since 2011, over 90 per cent of role reductions have been achieved through a combination of natural attrition, redeployment and voluntary redundancy. Where it is necessary for employees to leave the company, we will look to achieve this by offering voluntary redundancy. Compulsory redundancies will always be a last resort."

They added: "Todays announcement involves making difficult decisions, and we are committed to working through these changes in a careful and sensitive way."

Read more: Lloyds sells off last of its holding in Standard Life Aberdeen for £344m

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