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Lloyds cuts 850 jobs

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Lloyds Banking Group is cutting around 850 jobs as part of the bank’s ongoing strategic review.

Cuts are being made across the business, including Lloyds’ commercial banking, retail, group operations and group executive functions divisions.

Other affected divisions include finance, insurance and wealth, asset finance and international.

The bank says around 275 roles are also being created, mainly in Belfast and Scotland.

The job cuts come at the same time as 370 roles are transferred to Sainsbury’s after the supermarket giant decided to buy Lloyds out of its stake in Sainsbury’s Bank last week.

The latest wave of job cuts at Lloyds follows a reduction of 940 jobs in January and 550 jobs in March. The job losses are part of a plan announced by the bank in June 2011 to cut 15,000 jobs by 2014 in order to make cost savings of £1.5bn a year.

Lloyds says it will aim to redeploy affected staff where possible and will only use compulsory redundancy as a last resort.

Unite national officer Dominic Hook says: “Lloyds is celebrating a return to profit but the bank’s workers are in constant fear they will be next for the chop. This is no way to treat staff.”

Chartwell Funding managing director Robert Winfield says: “Staff at Lloyds must be constantly looking over their shoulder in case they are the next to go. It must be confusing given Lloyds has just posted a £2bn profit, but maybe the bank is trying to send a message to investors that it is still sticking to its strategic review plan.”

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