Lloyds Banking Group has announced further staff cuts in it’s group operations and insurance business, the cuts will affect 1,200 jobs and will take the total number of staff losses for the bank to 8,000.
Since it’s acquisition of rival bank HBOS, Lloyds TSB has faced the unenviable task of amalgamating the two banking businesses, with analysts estimating that the Lloyds group redundancies could eventually reach 30,000.
The government rescue deal created a business with 140,000 employees but also saddled Lloyds with toxic debt, resulting in the banks ten billion pound loss in 2008.
So many areas of the two UK banking giants are duplicated that it will take an age to streamline the business into one effective unit and many more staff cuts are bound to be announced over the remainder of the year.
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