Lloyds axes a further 420 jobs

City A.M. Reporter
Bailed out lender Lloyds Banking Group said it would shed a further 420 jobs, taking the total number cut since it bought rival HBOS two years ago to 22,500.

The latest round of redundancies come as Lloyds, 41 per cent government-owned after accepting taxpayer-funded support during the financial crisis, closes personal loans unit Black Horse Personal Finance to new business, the bank said.

Lloyds, Europe's fourth-biggest bank, has been cutting jobs as part of its effort to integrate ailing mortgage lender HBOS, which it acquired in a government-brokered takeover in 2008.

Lloyds' Black Horse motor finance unit remains open for business, and existing Black Horse Personal Finance customers will be unaffected, the bank said.