Lloyds axes a further 650 positions

| June 30, 2010 | 0 Comments

Lloyds Banking Group, which is 41%-owned by the Government, is to wield the axe again on insurance and back office-based staff, as it announces the closure of its network of Halifax-branded agencies.

The majority of the 650 job losses will be at Chester and Nottingham - largely based in solicitors and estate agencies, as they are “no longer integral to its business model”, said Lloyds.

Since its merger with HBOS in September 2008, Lloyds has axed tens of thousands of jobs due to overlap within the banking giant, as it seeks to cut costs.

As part of its rescue of HBOS, Lloyds acquired the Halifax business.

Cath Speight, national officer at the Unite union, said: “The scale of this cuts is extreme, the bank’s recovery plans are already well on course to deliver 30% higher than forecast savings.”

In March, the bank said it is on target to return to profitability this year, as a result of a reduction in bad debt.

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