This publication understands that 24 roles in its wealth operation will be cut. Across the group, 930 roles are cut but 465 new ones have been created.

Lloyds Banking Group is shedding 24 jobs in its wealth management arm, against a background of planned cuts of 930 roles and create 465 new roles within commercial banking, chief information office, risk, community, banking, insurance and wealth operations. In net terms, 465 roles are being axed by the UK-listed lender.

The cuts were made ahead of the introduction of a new three-year strategy from Lloyds, which will be unveiled when it releases its full year results on 21 February.

“This process involved making 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. Accord and Unite were consulted prior to this announcement and will continue to be consulted. 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, we will look to achieve this by offering voluntary redundancy. Compulsory redundancies will always be a last resort," A spokesperson for the Lloyds Banking Group said.

In November 2016, this publication reported that UK private banking group Coutts had invited staff to apply to voluntary redundancy as part of an efficiency drive that was targeting a reduction of around 5 per cent of a workforce of about 1,600 people.