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Financials

Lloyds planning to axe about 600 UK jobs in cost-cutting plan - union

LONDON, April 21 (Reuters) - State-backed Lloyds Banking Group is axing almost 625 jobs in its UK retail bank, according to the Unite union, in the latest round of job cuts and branch closures at the lender.

The staff affected are primarily back office roles and there will be a net reduction of 430 roles, Lloyds said. The bank also announced that is closing 21 branches in July.

“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,” the bank said in a statement. (Reporting By Andrew MacAskill, editing by Sinead Cruise)

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