Lloyds Banking Group to cut more jobs

10 November 2010

Lloyds Banking Group has unveiled further cuts to its workforce with more than 400 positions in its personal finance unit to be made redundant.

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: “Unite 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: “We will work closely with the impacted employees to help them through these changes.”

Lloyds Banking Group is 41 per cent owned by the British taxpayer.

By Jim Ottewill

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