Lloyds cuts nearly 4,000 jobs since privatisation

Lloyds Banking Group has announced nearly 4,000 job cuts in the 18 months since the UK government sold off its stake in the lender to take it fully private.

The bank’s efficiency and modernisation drive has continued apace since it was taken off the public books in May last year, with Lloyds saying a business overhaul and reduction of its branch network was essential to make sure it stayed relevant amid a digital shift.

The move has also meant the announced loss of around 3,899 job on a gross basis. They included 252 jobs at the firm’s Dundee call centre.

The figure includes jobs lost to bank branch closures and decisions by Lloyds to outsource workers.

The lender is also set to create a raft of new positions, but not all staff will have the skills required to fill jobs – some of which require digital engineering and design experience.

When balancing out for jobs created, Lloyds has flagged plans to slash 819 positions in the year and half since it was taken fully private in May 2017.

The privatisation came nine years after the Government spent £20.3 billion of taxpayers’ cash to bail out the banking group. At its peak, Lloyds was 43 per cent owned by the state.