Lloyds Banking Group has confirmed it is to axe 4,500 jobs as it integrates the HBoS and Lloyds TSB IT and operations divisions.
In total, 1,600 permanent roles will be affected across the UK as well as 1,150 temporary and contractor roles and 1,750 offshore contractor positions.

Mark Fisher, director of group operations at Lloyds Banking Group, said the move would eventually give the businesses a slicker and more integrated organisation, despite the outcry from trade unions.

He explained, ‘The changes we are putting in place will give us a world class IT operation that will benefit our customers and all our other stakeholders.

‘We will work closely with the colleagues affected by today’s announcement o help them through these changes. ‘We have mitigated the impact n permanent staff with a significant release of temporary and contract staff.'

Trade unions were furious at the announcement, saying the organisation was not obeying its duty to the tax payer. Unite national officer Cath Speight said the cuts were an ‘absolute disgrace’.

She said, ‘Lloyds Banking Group is being kept alive by the taxpayer [but] is cutting more jobs and moving these jobs out of the UK.

‘It is now time for the government step in and demand answers on behalf of taxpayers and staff. The announcement of 4,500 job cuts today lets down its staff, customers and taxpayers with no acknowledgement of Lloyds Banking Group’s social responsibilities.

‘This bank is racing around the globe in their pursuit of profit. Instead of moving jobs from this country they should wake up and realise the importance of its skilled workforce.

‘Since the taxpayer stepped in to keep this bank afloat the management has shown no acknowledgement for the dedication of its staff who have ensured it can continue to service its customers, instead rewarding them with over 20,000 job cuts.’