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British-based Lloyds Banking Group has confirmed 1,230 jobs are being cut as part of its continuing restructuring plan.

The bank, which is 9% state-owned, and has been working to reduce costs and improve returns for shareholders.

The jobs will go from the group operations, retail, customer products and marketing, finance and risk divisions.

The cuts are part of the 9,000 job losses the bank first announced in October 2014.
The bank said the process involved “difficult decisions” and all affected staff had been told.

Employee unions Accord and Unite were consulted prior to the announcement, the bank said, but Unite national officer Rob MacGregor called the move “horrific”.

Lloyds said its policy was to use natural turnover and to redeploy people wherever possible in order to “retain their expertise and knowledge” within the firm.

Voluntary redundancy packages will also be offered with compulsory redundancies happening as a “last resort”.

Another part of the strategy to cut costs and modernise is the closure of hundreds of branches of the bank.