Lloyds announces further job cuts

16 July 2009

Lloyds Banking Group is to cut a further 1,200 jobs after announcing it is to streamline operations at a number of its sites across the UK.

The move means over 8,000 positions have been shed since the purchase of HBOS earlier this year.

IT support and insurance are two of the areas where positions are expected to be lost and, according to Reuters, analysts believe that at least 30,000 workers may lose their jobs as the two financial institutions become fully integrated.

A further 370 agency and contract staff will also lose their jobs, but the bank, which is 43 per cent owned by the government, said that it creating 180 positions in group operations.

The decision was criticized by employment union Unite, which said that it "views the weekly cull of jobs a disgraceful approach by this taxpayer-supported financial institution".

Last month, Lloyds cut 1,660 with the closure of all branches of the Cheltenham & Gloucester building society.

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