By Sabela Ojea

Lloyds Banking Group PLC is cutting 639 jobs across the bank as part of a restructuring drive that was put on hold during the worst of the coronavirus pandemic, a spokesperson of the bank said Wednesday.

The U.K.'s largest retail bank said the plans mainly reflect its previous strategy, adding that any worker affected by this decision will not leave until November at the earliest.

The FTSE-100 bank added that the businesses most affected by these layoffs are Insurance and Wealth, as well as the retail business, which is affected in relation to payment-protection insurance claims.

"We will seek to redeploy wherever possible, with all colleagues given access to a package of training and support designed to help them secure their next position, whether within or outside of the group," a spokesperson of Lloyds added.

Shares at 1142 GMT were down 0.18 pence, or 0.7%, at 26.28 pence.

Write to Sabela Ojea at sabela.ojea@wsj.com; @sabelaojeaguix

(END) Dow Jones Newswires

September 09, 2020 08:10 ET (12:10 GMT)

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