Lloyds to axe 850 jobs

Lloyds Banking Group is to axe 850 jobs from across the bank as part of its ongoing strategic review.

In the latest round of job cuts, the group said roles across a range of departments including its commercial banking, retail and wealth divisions are being cut. The bank said as part of the review, around 275 roles are being created, although the majority of these are in Belfast and Scotland, while some of the job cuts are in the South of England, according to Unite. Lloyds said in a statement the job cuts are separate to yesterday's announcement regarding the sale of its stake in Sainsbury's Bank, which will see 370 roles transferred to the supermarket giant.