700 will go in Lloyds job cuts

LLOYDS bank is axing 700 jobs as part of a move which will ultimately see 15,000 employees made redundant.

This has been expected since last June, when Lloyds chief António Horta-Osório announced a restructuring plan to save £1.5bn a year by halving the bank’s global presence by 2014.

The job cuts will be made across the banking group, which has been 40 per cent nationalised since its 2008 bailout, including in its executive, risk and operations departments.