Lloyds Banking Group axes 940 jobs

City A.M. Reporter

ref="http://www.cityam.com/company/lloyds-banking-group">Lloyds Banking Group said today it cutting 940 jobs, bringing the total axed since the takeover of HBOS in 2009 to more than 31,000.

The jobs will go from the group operations, insurance, retail, wealth and international and commercial divisions, and Lloyds said they form part of the previously-announced strategic review.

The bank said it would try to redeploy people where possible, and it would avoid compulsory redundancy where possible and only use them would be a last resort.

Lloyds paid a heavy price for its government-engineered takeover of HBOS, requiring a £20bn state bailout. HBOS was caught out by a near-shutdown of wholesale funding markets, on which it was more reliant than rivals.

The bank said today that just under half the jobs lost in 2009 and 2010 through integration following its merger with HBOS had been through redundancy.