Lloyds Bank axes 22 legal jobs as part of ongoing restructuring

Lloyds Banking Group has announced that it is cutting 22 in-house legal roles as part of the redundancy programme announced in its 2015-2017 strategy.

A spokesperson for the bank said: “This process involves taking difficult decisions, and we are committed to working through these changes in a careful and sensitive way. All affected employees have been briefed by their line manager today. Accord and Unite were consulted prior to this announcement and will continue to be consulted.

“The group’s policy is always to use natural turnover and to redeploy people wherever possible to retain their expertise and knowledge within the group. Where it is necessary for employees to leave the company, it will look to achieve this by offering voluntary redundancy. Compulsory redundancies will always be a last resort.”

The bank is also creating 5.5 new full-time equivalent roles. The new roles have been taken into account when reaching the net number of roles cut at 22.

In March last year, Lloyds axed a handful of junior lawyer roles amid a wider restructuring of the group.

The cuts came as part of the same ongoing reorganisation that saw the bank scrap 1,755 jobs in 2016.

Lloyds announced in October 2014 that it would cut 9,000 jobs and shut 200 of its branches over three years.

In April 2015, the bank also made 25 lawyers from its litigation team redundant as it attempted to streamline its processes in light of increased regulatory scrutiny.

The bank had been the subject of legal action over issues ranging from alleged interest rate manipulation to the misselling of payment protection insurance.

In January 2016, former Linklaters managing partner Simon Davies joined Lloyds as its chief people, legal and strategy officer.

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