John Lewis Partnership and Lloyds Banking Group have announced plans to cut many hundreds of jobs.

John Lewis, which also runs Waitrose supermarkets, says it will axe up to 1,500 jobs at its head office as it makes further cost cuts.

It says the move will help it to save another £50m as it looks to make £300m in annual savings by 2022.

John Lewis and Lloyds Bank cut many hundreds of jobs: The cuts come as both businesses continue their restructuring. https://t.co/etlX9VF4u9 pic.twitter.com/awtJ5OfsbI

— PMA Accountants (@PMA_Accountants) November 4, 2020

Meanwhile, Lloyds is cutting a further 730 jobs as part of a major restructuring programme.

The proposed John Lewis Partnership cuts will be made across the two head offices in London Victoria and Bracknell, where John Lewis employs about 5,000 people.

They will come in two phases, the first of which will begin immediately. The second phase will be completed by April 2021.

John Lewis said it would seek to find new roles for staff and, if that is not possible, will offer redundancy support and retraining funds for those with more than two years service.

The cuts at Lloyds Banking Group will mainly affect staff in its group transformation and retail banking teams, and will result in no further bank closures, it said.

The Unite union said the move was "shameful", and that the decision was taken despite recent strong results.

It called for the bank to postpone restructuring amid the rising threat of Covid-19.