Lloyds cuts a further 1,200 jobs

 
City A.M. Reporter
ref=

ref="http://www.cityam.com/company/lloyds-banking-group">LLOYDS Banking Group said it is cutting 1,200 jobs in its group operations and insurance business, taking its layoffs to over 8,000 since it bought rival HBOS in January.<br /><br />Lloyds, 43-per cent owned by the government, yesterday announced a net reduction in staff of around 650 permanent roles by the end of March 2010.<br /><br />The bank will create 180 new permanent roles in group operations, and also cut 370 contract and agency staff.<br /><br />Lloyds said it will streamline a number of Lloyds TSB and HBOS day-to-day functions, including technology and collections, affecting staff in different locations, including Edinburgh, Southend and Halifax.<br /><br />It plans to bring together support functions for its insurance division, including marketing, finance and sales operations for its life insurance, pensions and investment businesses, mainly in Edinburgh, Bristol and Leeds.<br /><br />Analysts have estimated that over 30,000 jobs could be cut as Lloyds integrates HBOS into its own operations.