June 2, 2020 / 12:36 PM / a month ago

Britain's Lloyds Bank extends pause on redundancies until October

LONDON, June 2 (Reuters) - Lloyds Banking Group has said it will keep staff on notice of redundancy employed until at least October, as the UK’s coronavirus lockdown begins to ease.

Britain’s largest domestic lender had originally said a group-wide pause on restructuring layoffs would be reviewed on a monthly basis from end-May but it has since decided to delay job cuts until the fourth quarter to reassure its workforce.

“We have made a number of commitments to our colleagues to address their concerns during the current crisis, including continuing to pay them in full regardless of their working circumstances,” a spokeswoman for the bank told Reuters.

“We will continue to review these and other commitments to our colleagues on an ongoing basis.”

Employee union Accord, which represents branch and call centre workers employed by Lloyds, said it was not expecting any new consultation on restructuring programmes and was satisfied with the way the lender had been handling such matters. (Reporting By Sinead Cruise, editing by Iain Withers)

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