Lloyds to cut 5,000 jobs

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Lloyds to cut 5,000 jobs

Job cuts at the state-backed lender takes redundancies this year to 13,000 and comes after Royal Bank of Scotland and HSBC slashed 5,400 positions. Lloyds has already been accused by the union of drip-feeding bad news to workers and destroying morale. Experts expect the final tally of job losses to reach 25,000. Lloyds said it would take mitigating actions, including redeploying staff and releasing contractors, to limit the net reduction in permanent jobs to 2,600. Some 2,820 roles are to be cut in group operations, with contractors and temporary staff helping to keep the net reduction to 1,350. It will also cut 1,190 jobs in insurance and 950 in its mortgage operations where business will be consolidated to a handful of sites.

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