The UK’s biggest bank has cut 930 jobs across a range of divisions ahead of a new three-year plan which will be released later this month.
A net total of 465 jobs will be axed and Lloyds will look to add 465 roles across its business units.
Accord and Unite, the main union representatives, were told of this announcement prior to the news.
A spokesperson for Lloyds Banking Group said that the process involved making “difficult decisions” and the group is looking to work through the changes in a “careful and sensitive way”.
The spokesperson went on to say that the group’s policy is always to use “natural turnover” and to “deploy people wherever possible to retain their expertise and knowledge”.
The organisation will offer voluntary redundancies and, as a last resort, compulsory redundancies.
Lloyds will announce its full-year results and its three-year strategy on 21 February.