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The move - which may result in some former employees searching for ways to earn extra money - will affect 350 workers in Scotland, while 100 Birmingham-based employees will also lose their jobs.
A further 700 positions will be cut through a process of "natural attrition", the bank said in a statement.
Rob MacGregor, national officer for Unite, said that the trade union is "astonished" that the financial institution is making further cuts.
"This horrendous news brings the total of job losses since January in Lloyds Banking Group to over 7,000," he stated, adding that morale among workers at the business "is now truly low".
Lloyds Banking Group was formed last year through a merger of Halifax Bank of Scotland and Lloyds TSB and is partially owned by the UK taxpayer.
