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August 26, 2009

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Lloyds to slash 200 positions

LLOYDS Banking Group Plc said yesterday it plans to cut 200 positions in its general insurance business, bringing the total number of job losses at the bank this year to 7,500.

The bank, which is 43 percent owned by the British government, said it is combining the support functions of Lloyds and HBOS, which it bought last year.

The announcement came a week after the bank said it was reviewing its decision to close its Cheltenham & Gloucester subsidiary, possibly saving 833 jobs.

"We have no confidence in this bank's confused strategy," said Rob MacGregor, national officer of the Unite union. "This steady stream of announcements and cuts is soul destroying for the work force at this state-owned bank and it must end."

Philip Loney, managing director of Lloyds General Insurance unit, said the bank recognized "that this is difficult news for our affected colleagues."


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