Lloyds announces further job cuts

25 August 2009

Lloyds Banking Group has announced it is cutting a further 200 jobs from its workforce.

The financial institution, which is 43 per cent owned by the government, is taking the action at its UK offices in Newport, south Wales and West Yorkshire.

Employees at its insurance operations are to be affected by the decision and Philip Loney, managing director of the firm's general insurance business, admitted that the announcement will be "difficult news for our affected colleagues".

Explaining that workforce reduction is part of a move to move to combine support functions in the division, he added that the bank will "seek to use natural turnover and redeployment wherever possible".

Lloyds Banking Group, which was formed by the merger of Lloyds TSB and HBOS, has now cut 7,500 positions since the start of 2009.

Earlier this month, the group announced it is reviewing its previous decision to close all branches of Cheltenham & Gloucester by November.

Written by Gary Cooper

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