According to reports, the job losses at the group will be made in 2011 within its Black Horse Personal Finance division.
The total number of redundancies made by the group is thought to be over 22,000 since it acquired HBOS during 2008.
Cath Speight, Unite national officer, said: âUnite is appalled that Lloyds Banking Group has now cut close to the capacity of the stadium of a premier league football club.
"Today over 400 people face the reality of a future without employment as Lloyds Banking Group continues to throw increasing numbers of staff on to the scrap heap of the jobless."
However, David Oldfield, Lloyds' chief operating officer in wholesale, said that the decision to make the cuts at its consumer finance arm followed a strategic review of the business.
He stated: âWe will work closely with the impacted employees to help them through these changes.â
Lloyds Banking Group is 41 per cent owned by the British taxpayer.
By Jim Ottewill