Banking giant Lloyds Banking Group revealed on Wednesday that it will cut 171 roles as a result of three change programmes.
Lloyds stated that 171 roles will be removed due to the change programmes, while just six new roles will be created, with customer service operations absorbing most of the losses.
The affected business areas will be Lloyds Bank corporate markets, as well as its retail and risk divisions.
Trade union Accord’s general secretary, Ged Nichols, said: “Job reductions are never welcome but particularly in the current economic climate. We’ve worked with customer service operations to make sure that the vast majority of redundancies are voluntary and that compulsory redundancies are a last resort.”
As of 1325 GMT, Lloyds shares were up 2.10% at 48.39p.
