Lloyds Banking Group has announced plans to shed around 1,775 jobs across its retail, commercial banking, IT, legal, finance and consumer finance divisions.
Although Lloyds said 170 jobs are set to be created, this will still result in a net loss of 1,585 jobs.
In 2014, Lloyds Banking Group, which operates Lloyds Bank, Halifax and Bank of Scotland, said it would cut 9,000 roles from across its businesses over the next three years.
The latest announcement takes it up to 60% of that target.
In a statement to B&C, Lloyds Banking Group said it was committed to working through the changes in a careful and sensitive way.
“All affected employees have been briefed by their line manager today,” said a spokesperson for the group.
“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.”
However, Ged Nichols of the Accord union said job security in UK banks has become increasingly tenuous.
“Staff in Lloyds Banking Group have been living with this worry since 2009 and the job losses aren’t over yet,” said Ged.
“We and Lloyds Banking Group have a good record of managing these issues through turnover and voluntary redundancy, but it gets progressively more difficult.
“One of the Security of Employment Agreements in Lloyds is due to expire at the end of this year; our members need it to be extended until at least the end of 2017, and we’re asking Lloyds Banking Group to agree to this today.”
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