February 07, 2012

Lloyds Banking Group announced 990 job cuts on Tuesday, which the part-nationalised British bank said formed part of last year's broader plans to axe 15,000 jobs across the company.

Lloyds, which is 40 percent owned by the British government after a state bailout during the 2008 credit crisis, said the latest cuts would take place within its group operations, executive functions, risk, wholesale and insurance divisions.

It added it would seek to redeploy staff where possible and that compulsory redundancies would be a last resort.

Last June, chief executive Antonio Horta-Osorio announced plans to cut 15,000 jobs and halve Lloyds' international presence as part of a restructuring designed to save 1.5 billion pounds ($2.37 billion) a year by 2014.

Source: Reuters