Lloyds creates 500 new jobs as it sells 632 branches

Lloyds Banking Group

By: Anna Redman

 Lloyds TSB is set to create 500 new jobs across the UK.

The banking company will create the new jobs as part of its plans to sell several of its branches to the Co-op.

Project Verde will see the sale of 632 Lloyds bank branches. The new jobs will be created in support centres in Sunderland, Gloucester, Livingston, Birmingham and Swansea.

The sale is a result of an order from the European Union, following the UK government’s bailout of Lloyds during 2008’s financial crisis and will likely make the Co-operative Group responsible for 19% of mortgages.

Gordon Edwards, telephone banking director at Lloyd’s Sunderland site,  said these new jobs are “great news.”

Project Verde is proving to be a “highly complex” deal and is now facing delay as the Financial Services Authority seek assurances regarding the capacity of the Co-operative Group to take on this major acquisition.

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