Lloyds Banking Group to cut 985 jobs

by Gill Montia

Story link: Lloyds Banking Group to cut 985 jobs

Lloyds Banking Group has announced that it is cutting 985 jobs over the next two years.

The group is closing its Bank of Scotland Motor Finance unit to new business, having found the division to be financially unviable.

The bulk of the job losses will be at offices in Speke and Chester, where 200 and 340 jobs are at risk respectively.

Lloyds is in the process of integrating its operations with HBOS following the £12.2 billion merger of the banks, completed in February.

When the takeover was first proposed in September of last year, analysts suggested the move could lead to around 30,000 UK job losses and 1,000 branch closures, such is the level of overlap between the two businesses.

However, Lloyds says it is hopeful that compulsory redundancies can be avoided at this stage.

It is understood that existing customers of Bank of Scotland Motor Finance will transfer to Black Horse Motor Finance, which will continue to offer point of sale motor finance.