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Seven jobs to go in Newport as Lloyds Bank announces cuts
4:06pm Tuesday 28th January 2014 in News
LLOYDS Banking Group today announced the loss of seven jobs in Newport as a further 1,000 went across the UK.
Eighty-two of these jobs will be lost in Wales, while 12 additional roles based in Newport, separately to the seven, are to be outsourced and relocated to Communisis, a business in the city.
The losses come as part of reductions announced in the group's strategic review in 2011.
Lloyds has already announced 11,760 job losses out of a target of 15,000.
The reductions are within the retail, risk, operations and commercial banking divisions.
An additional 310 jobs will move to new employers under TUPE regulation, which protects employees whose business is being transferred to another business, and a total of over 90 new roles will also be created across retail, risk and commercial banking.
In a statement, the bank said: “Lloyds Banking Group is committed to working through these changes with employees in a careful and sensitive way. All affected employees have been briefed by their line manager today. The group's recognised unions Accord, Unite and LTU were consulted prior to this announcement and will continue to be consulted.
“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. In fact, since the strategic review in 2011 around only a third of role reductions have led to people leaving the Group through redundancy.”
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