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March 3, 2010

Lloyds announces 370 more job losses

by Gill Montia

Story link: Lloyds announces 370 more job losses

Job losses are rolling along at Lloyds Banking Group with 370 positions to go at its Wealth & International, Group Operations and Group Executive functions across the UK.

Trade union Unite puts the total headcount reduction in the past year at around 15,000, although no redundancies are expected from the latest cuts.

Lloyds also announced 585 UK job losses in January, mostly relating to the closure of its 58-strong network of Black Horse personal loan centres.

The group posted an operating loss of £6.3 billion for 2009 as total impairments at the 42% state-owned bank rose to almost £24 billion, up from £15 billion a year earlier.

The increase was largely attributed to bad debts on HBOS’s disastrous commercial property loan book.


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