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HBOS to axe 650 jobs

HBOS is to axe 650 jobs over the next eighteen months as it combines two of its operations.

The bank says it currently has two businesses serving the SME market, one in the retail division and one in its corporate division. From today, its business banking section will begin a phased transfer to the corporate division.

The process will be completed by the end of 2009.

This comes a day before the final deadline for shareholders to take up extra shares in the bank’s £4bn emergency cash call.

HBOS shares had fallen to a fresh low yesterday of 225p yesterday before closing at 254.5p. Shares this morning were at 255p, still short of the 275p level of the rights issue.

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