Lloyds announces 700 job cuts

Lloyds Banking Group is cutting 700 jobs within different parts of the business as part of its plan to reduce 15,000 roles.

The cuts will occur within its operations, executive and risk departments along with its wealth, international, wholesale and community banking arms, according to Reuters.

Lloyds announced the 15,000 cuts in June last year in an attempt to cut £1.5bn per year by 2014 and placed Scottish Widows at the heart of its future bancassurance strategy.

Lloyds says it will look to redeploy those affected and offer voluntary redundancy packages, with compulsory redundancies expected to be a last resort.

The bank has cut around 27,000 jobs since it stepped in to rescue HBOS at the height of the financial crisis.

The cost-cutting programme will look to save £2.3bn in total, and is expected to free up about £2bn for investments between now and 2012. The group also intends to streamline its international presence from around 30 countries to less than half that 2014.