Lloyds Bank and Pizza Hut cut over 1,000 jobs

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Lloyds Banking Group and Pizza Hut are the latest companies to announce job cuts during the coronavirus pandemic.

Lloyds said it was cutting 865 jobs in areas such as insurance and wealth management as it relaunched plans to restructure the company.

In addition, Pizza Hut plans to close 29 restaurants with the loss of 450 jobs.

The restaurant chain said it was part of a bailout deal “aimed at mitigating the financial impact of Covid-19”.

Scores of companies have announced job cuts and job closures as consumer demand dried up during the crisis.

UK employers predicted more than 300,000 layoffs in June and July alone as the country entered its deepest recession on record.

Lloyds, which has around 65,000 employees, warned of cuts in January but suspended them until the fall due to the crisis.

  • Coronavirus: 300,000 layoffs planned for June and July

While cutting the posts, he also said he would create 226 roles and attempt to redeploy people.

However, the Unite union expressed concern about the entry of employees into the labor market “during very difficult times”.

“The pandemic has demonstrated the incredible resilience and flexibility of this workforce,” said Rob MacGregor, National Unite Officer.

“The employer should not just focus on reducing jobs and costs, but rather the bank should invest in a workforce that has shown nothing but loyalty, dedication and hard work during the good times and the bad. “

‘Hard time’

Pizza Hut said it had faced a “significant disruption” from the pandemic and is expected to close 29 of its 244 UK restaurants. He did not indicate which sites would close.

He said the planned cuts would leave 5,000 employees.

“Despite a quick and safe reopening of Covid, sales are not expected to fully rebound until 2021,” he said.

“We understand that this is a difficult time for everyone involved,” he added.

The hospitality industry has been one of the sectors hardest hit by the crisis, despite restaurants and pubs that benefited from the government’s Eat Out to Help Out program in August.

A growing list of restaurant chains have had to announce closures in recent months, including Pizza Express, Byron Burger and Frankie & Benny, the owner of the restaurant group.

Industry body UK Hospitality said about a third of restaurants and bars still haven’t reopened despite the lockdown easing, as people remain nervous about the spread of the virus.

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