Unite the Union has criticised the planned 15,000 job cuts by Lloyds Banking Group (LLOY.L) calling it an 'arbitrary slashing of jobs'.

David Fleming, Unite national officer, said the group's strategic review would cause 'deep distress and anxiety' to Lloyds workers.

He said, 'Astonishingly one in eight roles will be lost over the next three years.

'This review is merely another box ticking exercise to give this bank, which has already - since its creation two years ago - cut over 27,000 staff, an excuse to sack more employees.'

Fleming said the failure of the banking sector to rebuild public confidence was 'deplorable'.
 
He added, 'Today Lloyds Banking Group is simply attacking the workforce who service local communities and deliver the highest levels of service to the consumers of the bank.

'This review does nothing to deal with the structural challenges facing the organisation.'
 
The job cuts have come as the bank aims to make £1.5 billion in savings by 2014 and is part of a wider programme aimed at reducing costs.

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