Lloyds cuts a further 1,200 jobs

City A.M. Reporter
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.