Lloyds Bank plans to cut 865 jobs as it works to simplify the business, with the cut jobs mainly in its insurance, wealth and retail teams.

The losses include some roles and services being made redundant due to its transition to its Financial Planning join venture Schroders Personal Wealth.

The job losses included 780 cuts that were announced in February but put on hold due to the Coronavirus pandemic. They will be partially offset by the creation of 226 new roles within the company.

Staff affected are not expected to leave the banking group until November due to a promise made during the Coronavirus lockdown that no employees facing redundancy would need to leave before October.

A spokesperson for the banking giant said that the changes reflected existing plans to simplify the business which were in place prior to the pandemic. The firm will seek to redeploy as many of those affected to other positions as possible.

The Lloyds banking group reported pre-tax profit drop 26% for its latest financial year in February.

The Insurance and Wealth division, which includes half of Schroders Personal Wealth, had assets of £170bn with ambitions to increase this significantly. Underlying profit for the division rose 19% in 2019 to £1.1bn.