Lloyds sheds 420 jobs and has cut 22,500 since buying HBOS

BAILED-OUT lender Lloyds Banking Group yesterday announced it would shed a further 420 jobs, taking the total number of job cuts 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 yesterday.

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 2008 government-brokered takeover.

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