UK: Government rescued Bank in further job cuts

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Lloyds Banking Group, born from the merger of Lloyds TSB and HBOS and currently 43% owned by the UK Government as a result of the worldwide financial crisis, has revealed it plans 5 000 new redundancies before the end of next year. The majority of layoffs will be within the Operations unit, which includes IT, collections and payment services and also in Insurance and Retail. 2 600 of the total losses will be permanent posts, with the remainder being temporary positions, including 550 overseas jobs.
Yesterday’s announcement brings the total number of job reductions revealed this year to over 10 000.

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