LLOYDS has become the latest high street bank to deliver a blow to staff with the news that it’s axing 780 front-line jobs.
The cuts are all to staff working in Lloyds Banking Group branches under the Bank of Scotland, Halifax, and Lloyds Bank brands.
But the bank says how it serves customers in store won’t change, while no branches or offices are closing as a result.
Lloyds claims that as fewer people are visiting branches, that in turn means less staff are needed.
It says it’s too early to say which branches will see the cuts as staff will have to go through a selection process first, but it says it will relate to local demand.
The bank adds that it doesn’t have an average or typical number of staff members per branch as it varies by location.
Your rights if you’re made redundant
IF you’re being made redundant, you may be eligible for the below, according to GOV.UK.
- Redundancy pay: If you’ve been working for your current employer for at least two years, you’re usually entitled to a statutory redundancy pay.
- A notice period: According to redundancy law, you’re entitled to a minimum notice period of 12 weeks’ if employed for 12 years or more, at least one week’s notice if you have been employed between one month and two years, or one week’s notice for each year if employed between two and 12 years. If your employer doesn’t want you to work your notice period they can offer you a lump sum instead.
- A consultation with your employer: Employers always have to consult with employees before dismissing them on the grounds of redundancy. In short, your employer must tell you what’s going on and give you a chance to ask questions and raise objections.
- The option to move into a different job: Your employer might offer you “suitable alternative employment” within your organisation or an associated company. Keep in mind that you may lose your right to statutory redundancy pay if you unreasonably turn it down.
- Time off to find a new job: If you’ve been continuously employed for two years, you could be given a reasonable amount of time off to look for another job or to arrange training to help you find another job.
Lloyds Banking Group currently operates 1,567 branches – 183 Bank of Scotland branches, 576 Halifax branches, and 808 Lloyds Bank branches.
But in January it announced plans to close 56 branches between April and October this year – 15 Bank of Scotland branches, ten Halifax branches, and 31 Lloyds Bank branches.
Banking union Accord said jobs expected to be cut due to the closures is “under 80” as many employees will be moved to other branches.
A Lloyds Banking Group spokesperson said: “As customers are using our branches less often, we are reducing the number of roles across our branch network.
“This means we can shape our service according to customer behaviour and local demand. Change does mean difficult decisions and we are focused on supporting our colleagues at this time.”
It comes as earlier this month HSBC revealed it’s ditching 35,000 jobs globally over three years.
Virgin Mobile to hike prices by up to £80 a year for 140,000 customers
Plus, just this week it confirmed it would also close 27 branches.
And only today, Direct Line said it’s axing 800 jobs.
While Tesco revealed it’s scrapping 1,800 jobs as it plans to cut back on in-store bakeries.