1,200 jobs cut as result of Cler Med/Scot Wids merger

clock

Lloyds Banking Group is to cut a further 1,200 jobs with the company's insurance and IT arms expected to bear the brunt.

The group says the cuts follow the merger of its Scottish Widows and Clerical Medical businesses, with 250 expected at Scottish Widows. The move takes the total number of job losses at Lloyds this year beyond 8,200. Lloyds says 370 of the jobs are currently filled by temporary staff. It is understood Scotland will lose 220 jobs, West Yorkshire 300, and Bristol 110. It adds it is "committed to working through these changes with colleagues carefully and sensitively".  

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Your profession

Advisers blast FCA funding requirement of £755m 'inexorable'

Advisers blast FCA funding requirement of £755m 'inexorable'

‘I don’t really know what value I’m getting from the FCA – if any’

Hope Coumbe
clock 19 April 2024 • 2 min read
Octopus Money: Why a Seccl-backed platform integration is for us

Octopus Money: Why a Seccl-backed platform integration is for us

'Technology and compliance acts as an anchor in the industry'

Sahar Nazir
clock 18 April 2024 • 1 min read
AJ Bell platform hits £80.3bn AUA as advised customers increase

AJ Bell platform hits £80.3bn AUA as advised customers increase

The firm recorded total advised customers of 165,000

Cristian Angeloni
clock 18 April 2024 • 2 min read