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990 jobs to go at Lloyd’s

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Lloyd’s Banking Group announced on Tuesday that almost 1,000 workers will be out of the job as part of a broader cost cutting plan announced last year.

The jobs will come from the divisions of insurance, wholesale, risk, group executive functions and group operations.

Last June, Lloyd’s CEO Antonio Horta-Osorio announced plans to cut 15,00 jobs and half Lloyd’s international presence as part of a restructuring aimed at saving £1.5 billion pounds per year. The Group said the latest announced staff reductions are a part of that plan.

In a statement released today, the Group said that mandatory reductions will be a last resort.

“Lloyds Banking 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.”

Lloyd’s is 40 per cent government owned after the company received a state bailout in the 2008 financial crisis.