Lloyds to axe 1,080 jobs

State-backed bank Lloyds is to cut 1,080 positions across the UK and to outsource another 310 jobs, according to union Unite.

The cuts are part of the 15,000 job reductions announced back in June 2011, with the most recent wave seeing major job losses in the Commercial SME & mid-markets business, and Wealth’s private banking and private clients business.

Rob MacGregor, Unite national officer said: "While staff at Lloyds Banking Group continue to work hard to deliver half year profits of £2.1bn, management has confirmed it is to give 1,390 staff another kick."