Lloyds Banking Group to cut 5,000 more jobs

Lloyds has announced that it is preparing to cut another 5,000 jobs across the world.

Around 2,600 permanent jobs are set to be lost in the UK with the rest going across its international operations.

But the bank said it would be attempting to redeploy staff into other areas of its operations where possible.

The cuts are to be carried out by the end of 2010 and Lloyds has refused to rule out the possibility of compulsory redundancies.

Trade union Unite condemned the move.

Rob MacGregor, Unite national officer, said: "This country's financial sector should be looking towards the future, rather than continuing to slash jobs without proper consideration of how to rebuild the public's confidence in our tarnished banking sector."

Earlier this month, Lloyds completed the sale of its Insight Investment Management business to Bank of New York Mellon for around $352 million, a deal that was originally announced in August.

By Tony Aynsley