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June 3, 2009

Lloyds Banking Group cuts 530 more jobs

by Gill Montia

Story link: Lloyds Banking Group cuts 530 more jobs

Lloyds Banking Group is preparing for a further round of job cuts, trade union Accord has reported.

Around 530 posts are to go across the UK; a Halifax processing centre near Chatham in Kent will close with the loss of 210 jobs; 30 posts will disappear in London and the same number in Birmingham.

In April, the group said it would be cutting 985 jobs over the next two years.

The total has already been exceeded as last month 625 job losses, mainly in London and Edinburgh, were announced in connection a restructure of Lloyds’ wholesale banking division.

In related news, the BBC has reported that Pensions Investment Research Consultants (PIRC) is demanding that the board of Lloyds Banking Group put itself up for re-election.

PIRC is an independent body that advises institutional investors on using their voting powers, and it is recommending that bank’s board directors face shareholder judgment over Lloyds TSB’s acquisition of HBOS.

The hasty takeover at the height of last autumn’s banking crisis has already cost the group’s chairman his job.

Sir Victor Blank recently agreed to step down before next year’s annual general meeting.

 

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