Lloyds to shed 200 insurance staff

by David Masters

Story link: Lloyds to shed 200 insurance staff

Lloyds Banking Group has announced plans to axe 200 jobs from its insurance unit.

The announcement increases this year’s lay-offs at the firm to 7,500.

The latest job cuts are due to a merger of the Lloyds TSB and HBOS general insurance divisions, including sales, marketing, actuarial, and underwriting operations.

“We are bringing together these essential support functions in order to help meet the needs of our customers and the general insurance division,” said Philip Loney, managing director of general insurance at Lloyds.

“We recognise that this is difficult news for our affected colleagues.”

Offices in West Yorkshire could shed up to 115 staff, while 50 jobs will be cut in Newport, south Wales.

The Unite union criticised the strategy as “confused” as it follows a backtrack by the bank on its decision to close 164 Cheltenham & Gloucester branches.

“This steady stream of announcements and cuts is soul-destroying for the workforce at this state-owned bank – it must end,” said Rob MacGregor, Unite’s national officer.

“Staff are expected to give the customers the best possible service but don’t know if they have a job from week to week.”

In related news, RBS announced plans to cap pensions increases of 60,000 staff to 2% per annum.