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Lloyds back to job-cutting plans as UK outlook deteriorates

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The job cuts had been envisaged before Covid-19, with the British bank reducing an effective 639 jobs amid the prospect of soaring bad loans

A branch of Lloyds Bank on Oxford Street, London. Picture: REUTERS

The British bank said on Wednesday that it’s cutting more than 800 roles and hiring for more than 200 others, leading to a net reduction of 639 jobs. The departures will mostly be at the bank’s wealth and insurance unit, within which Lloyds has started a joint venture with Schroders Personal Wealth. Britain is facing its worst recession since the financial crisis amid jitters that post-Brexit trade talks might fail.

Source: Loan News Today (loannewstoday.net)

 

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