British bank Lloyds has eliminated 930 jobs ahead of chief executive Antonio Horta-Osório’s new three-year strategy, to be unveiled on February 21.
Affected staff, across six divisions of the lender (including business banking, wealth and insurance), were made aware of the developments last month.
Job losses are intended to be offset by the creation of 465 new roles across the business.
Analysts expect that Lloyds full year results will be full of cost cutting measures and investments in technology.
A Lloyds spokesperson said: “This process involved making difficult decisions, and we are committed to working through these changes in a careful and sensitive way.
“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. Compulsory redundancies will always be a last resort.”
The Lloyds Banking Group has more than 2,000 branches across the UK, and employs approximately 75,000 people. In December 2017, it announced the closure of 49 branches which would lead to 99 redundancies across the group.