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Lloyds to axe 1,000 jobs in latest wave of cuts

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Lloyds Banking Group will today reveal plans to cut another 1,000 jobs in the next phase of the taxpayer-owned bank’s restructuring.

The roles will be cut across the group’s business, including at branches, Sky News reports.

A year ago the lender unveiled a three-year plan that included a target to reduce headcount by 9,000 by the end of 2017.

Before today’s announcement, 2,360 jobs have already been lost.

According to Sky some staff at risk will be redeployed within Lloyds, meaning the final number made redundant will be “well below” 1,000.

In a strategic update published in October 2014, the bank said it is targeting cost savings of £1bn a year by the end of 2017, including closing 150 branches.

In what the Chancellor has described as the biggest privatisation for 20 years, from next spring retail investors will be able to buy Lloyds shares worth at least £2bn.

Applicants will get a 5 per cent discount to the market price and be able to buy between £250 and £10,000 of shares.

Last week, the long awaited report into the collapse of HBOS – which Lloyds rescued at the height of the financial crisis – slammed the FSA for its “flawed” investigation.

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