Lloyds Banking Group last week announced that it would be closing its operation at Essex House in Southend, with the result that around 700 members of staff are likely to be made redundant.
According to the BBC, a further 150 jobs are also expected to be lost in other parts of the Groupâs operations, bringing the total number of job losses across Lloyds Banking Group to 2,750 since the start of the year.
Lloyds has stated it will be creating around 275 new jobs, and will continue to use ânatural turnoverâ and redeployment where possible to reduce the impact of the job losses, reports the Guardian.
Trade unions have reacted angrily to the news, with Unite accusing Lloyds of creating a 'constant tide of cuts.'
"The constant job cuts across the banking industry is bad for bank staff, does nothing to support customers and it's bad for Britain's economy. Since January almost 5,500 job cuts have been announced by high street banks - that's over 1,000 a month so far this year,â commented Unite national officer, Dominic Hook.
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