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Lloyds is cutting 1,230 jobs in its group operations, retail, marketing and finance divisions as part of previously announced three-year strategy.

The banking group said the losses were not linked to the European Union referendum result. A statement said: “This process involves taking difficult decisions, and we are committed to working through these changes in a careful and sensitive way.

“All affected employees have been briefed by their line manager today.

“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.”

Rob MacGregor, national officer of the Unite union, said it was “horrific news” for staff, adding: “Job losses within this taxpayer-backed institution are wholly unacceptable.

“The constant flow of job cuts across LBG must now be halted and staff be allowed to get on with delivering the high quality and impressive service they are so good at providing. The Lloyds management pursuit of this cuts agenda is counter-productive in their aim of a successful business.

“Unite will oppose all job losses and challenge senior management to ensure all those affected by this latest around of announcements be offered alternative suitable employment.”

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