Lloyds Banking Group, a UK-based financial institution, is set to reduce its work force by terminating 645 jobs across its wealth management unit and HR, as a part of its cost-cutting drive.
In addition, the bank is also shutting its telephone banking center in Warrington that will impact 180 jobs.
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Lloyds released a statement saying that the group is committed to working through these changes with employees in a careful and sensitive way.
"The Group’s policy is always to use natural turnover and to redeploy people wherever possible to retain their expertise and knowledge within the Group. Where it is necessary for employees to leave the company, it will look to achieve this by offering voluntary redundancy. Compulsory redundancies will always be a last resort," the statement read.
Since the commencement of its strategic review in 2011, the company has cut 13,055 jobs.
Demanding for no compulsory redundancies, Britain’s largest union, Unite stated that the banking firm has already axed 2,400 employees as a part of its cost-cutting process in 2014 causing slump in staff morale.
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By GlobalDataUnite national officer Rob MacGregor said that this is the third tranche of job losses since the beginning of the year and is in danger of sending staff morale to an all-time low.
"Lloyds staff have worked hard since it was bailed out by the taxpayer to make the bank a success. Their reward has been continual uncertainty and attacks on their pensions," added MacGregor.
"Lloyds needs to give its workforce stability and guarantees of no compulsory redundancies. Only then will the bank be able to live up to its motto to ‘Make Britain Prosper’."
