Lloyds confirms 5,000 job cuts
(11 November 2009 – UK) Lloyds Banking Group (LBG) has announced plans to cut 5,000 roles by 2010.
The state controlled bank has axed a total of around 13,000 jobs since Lloyds Banking Group was created from the purchase HBOS.
The British government owns 43 percent of LBG after bailing it out of when the bank was floundering due to the global financial crisis.
The bank has said in a statement, that they are making a number of changes within the group operations, insurance and retail divisions.
They noted that the changes would affect 5000 positions within the group by the end of 2010.
Lloyds also said that they hoped to focus on cutting temporary staff, contractors and offshore workers and are hoping to redeploy some British personnel.
The bank also said that taking these mitigating actions into account means there will be a net reduction of about 2,600 permanent jobs across the UK by the end of 2010.
The British government owns 43 percent of LBG after bailing it out of when the bank was floundering due to the global financial crisis.
The bank has said in a statement, that they are making a number of changes within the group operations, insurance and retail divisions.
They noted that the changes would affect 5000 positions within the group by the end of 2010.
Lloyds also said that they hoped to focus on cutting temporary staff, contractors and offshore workers and are hoping to redeploy some British personnel.
The bank also said that taking these mitigating actions into account means there will be a net reduction of about 2,600 permanent jobs across the UK by the end of 2010.
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