Lloyds Banking Group cutting 1,200 more jobs

LONDON: Lloyds Banking Group announced Thursday it would cut another 1,200 jobs to reduce costs and rationalize operations after the government-backed merger of Lloyds TSB and Halifax/Bank of Scotland.

Lloyds, whose biggest shareholder is the British government, said 650 permanent jobs would go by the first quarter of next year, 180 staff would move to new positions and 370 agency and contract staff would be cut in its group operations and insurance divisions.

The government now owns 43.4 percent of the group's shares. Rob MacGregor, national officer of the Unite union, said the latest cuts raise the total job losses at Lloyds to 8,200 this year.

``What is the justification for 8,200 staff to be cut in the last three months while Lloyds continues to perform considerable work out of the country?'' MacGregor said.