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Lloyds plans to axe 5,000 further jobs

ANOTHER 5,000 jobs will be lost at Lloyds Banking Group, bringing the total number of sackings to 12,500 since the credit crunch began.<br /><br />Lloyds employees were yesterday warned by banking experts that there could be up to 30,000 sackings before the Lloyds-HBOS merger is complete.<br /><br />Unions branded the cuts, which were announced on the same day that rivals Barclays and HSBC were reporting third quarter results, as &ldquo;corporate arrogance&rdquo;.<br /><br />The majority of job losses at Lloyds will happen in back office roles and will be completed by the end of 2010.<br /><br />Lloyds, which is 43 per cent owned by the taxpayer, said 2,600 permanent jobs would be lost.<br /><br />The bank will try to focus on temporary employees and contractors, as well as seeking to redeploy some staff.<br /><br />It will cut 1,190 jobs in insurance across Britain, and 950 in its mortgage operations where workers will be consolidated to a handful of sites.<br /><br />Representing bank workers, the union Unite said the industry was entering &ldquo;another dark week&rdquo;.<br /><br />&ldquo;It beggars belief that just days after 5,400 jobs were cut in RBS and HSBC, we see further devastation for workers in this part-nationalised financial institution,&rdquo; said Unite national officer Rob MacGregor.<br /><br />&ldquo;This country&rsquo;s financial sector should be looking towards the future, rather then continuing to slash jobs without proper consideration of how to re-build the public&rsquo;s confidence in our tarnished banking sector.&rdquo;<br /><br /><strong>FAST FACTS </strong> COMPANY<br />&9679; Lloyds said it would cut 1,190 jobs in insurance and 950 in its mortgage operations<br />&9679; The bank, which is 43 per cent owned by the tax payer said that 2,600 permanent jobs would be lost<br /><br /><strong>BANKING JOB CUTS<br />LLOYDS&rsquo; ANNOUNCEMENT IS THE LATEST BAD NEWS FOR WORKERS</strong><br />The announcement of a further 5,000 job losses at LLoyds brings the total to 12,500. Banking analysts believe a further 20,000 jobs could go before the operations of Lloyds and HBOS are fully integrated.<br /><br />Last week, the other nationalised bank, Royal Bank of Scotland, said that it would cut a further 3,700 posts. RBS has already axed 16,000 staff.<br /><br />HSBC, which yesterday announced that its third quarter profits were "significantly ahead" of last year, outlined plans to cut a further 1,700 jobs across the country, taking the bank's job cuts to 3,400 since December.<br /><br />Rounding out the big four banks, Barclays cut 4,000 jobs in January.<br /><br />Although jobs in the banking sector have been heavily hit since the global financial crisis, the bleak picture is mirrored across the wider economy.<br /><br />Figures due out today are expected to show Britain's number of jobless has risen to 2.5m, taking the unemployment rate to eight per cent.<br /><br />But it is not just British banks that are swinging the axe on their workforce.&nbsp; France's biggest retail bank Credit Agricole said it will cut 500 jobs worldwide, Citigroup has cut over 23,660 jobs or 6.3 per cent&nbsp; of its workforce, Bank of America has cut 11,150 people or 5.3 per cent of staff and UBS has axed 9,000 people or 10.8 per cent of workforce.