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Lloyds axes another 585 jobs

Lloyds Banking Group has announced it is axing a further 585 jobs in the UK by March 2011.

A total of 475 asset finance jobs will be affected, following the announcement that the group will no longer operate its Black Horse Personal Finance Centres around the UK.

Up to 210 retail jobs will also be affected across the UK as part of a strategy to bring together teams that have been spread throughout the country.

Some insurance work currently administered by a third party supplier based in the UK will be brought back into the group over the next three years and processed at its strategic insurance centres in Bristol and Edinburgh.

An announcement issued by LBG today says: “By March 2011, a total of 685 Group jobs in wholesale and retail will be affected by this announcement. This reduction is mitigated by the redeployment and the release of contractors, temporary staff and offshore personnel. Taking these mitigating actions into account, there will be a net reduction of 585 permanent Group jobs across the UK.”

Unite has warned Lloyds not to repeat the “disastrous strategies” of 2009 which brought over 15,500 job losses.

Unite national officer Rob MacGregor says: “Unite is deeply disappointed that the Lloyds Banking Group has taken the decision to close all of the Black Horse centres with the loss of 400 jobs. At a time when many families are struggling to control their finances and businesses need access to credit, Unite is opposed to the shutting down of these valued local centres.

“Unite is warning the LBG not to repeat their approach in 2009 where staff faced death by a thousand cuts as weekly announcements of job losses were made. The strategy last year has had a devastating effect on staff and created job insecurity for most colleagues.”

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  1. Good riddance to Black Horse Finance. Poor interest rates and huge PPI premiums are their hallmark and the market is better off without them and their ilk

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