In a sign that many will see as portentous, Lloyds Banking Group has announced 570 posts are to be cut across a multitude of its operational divisions.
The BBC recently reported that the personal and business bank account giant is planning to eliminate positions in its human resource, insurance, retail, and wholesale operations. Locations to be affected by the jobs losses will include Lloyds branches in Manchester, London, Halifax, and Chester.
The banking giant also stated that it is in the process of outsourcing an additional 450 posts. This will take the total job loss total for the company to approximately 26,700 for the period of time following the Lloyds’ HBOS merger two years prior.
Industry analysts originally estimated that the rushed takeover could result in an estimated 30,000 lost career opportunities, a figure that is rapidly approaching.
As new group chief executive António Horta-Osório recently joined the company, the banking giant made it known that there were several new changes made to management and boardroom activities as well. After his arrival Mr Horta-Osório stated that Lloyds will not be closing any more branches until at least the end of this year.
One of the new changes has been the appointment of Philip Grant as the group’s Scottish executive committee’s chairman. Consisting of senior executives pulled from the entirety of the group, the committee will be spearheaded by Mr Grant. The new Scottish chief executive will continue to serve as UK private banking managing director.
Mr Grant has formerly served several key roles with the Bank of Scotland. The current Chartered Institute of Bankers in Scotland president, Mr Grant has been referred to as an exemplary leader and ambassador for the Scotland division by Mr Horta-Osório.