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Lloyds to axe another 5,000 jobs

Lloyds Banking Group says a further 5,000 roles are likely to be cut by the end of 2010 as a result of the integration with HBOS.

The bank says it hopes many of these cuts will be achieved the release of contractors, temporary and offshore staff, following which there is likely to be a net reduction of about 2,600 permanent jobs across the UK by the end of 2010.

Lloyds says that within its group operations, 2,820 roles will be affected, including 720 roles being redeployed.

In addition, approximately 750 of the total role reductions, including about 550 offshore positions, are expected to be achieved through the release of contractors and temporary staff.

Following these changes, there will be a net reduction of 1,350 jobs in group operations.

Within Insurance, 1,190 roles will be affected across the UK. 950 will come from the life, pensions and investments business and 240 from general insurance. Approximately 250 of the role reductions are expected to be achieved through the release of contractors and temporary staff. Therefore, there will be a net reduction of 940 jobs in insurance.

Within mortgage operations, approximately 950 roles will be affected across the UK as the business is consolidated to seven sites.

However, 680 positions will be relocated to a new site or redeployed. Following these changes, there will therefore be a net reduction of 270 jobs in mortgage operations.

Group integration director Mark Fisher says: “Our commitment is to keep colleagues fully informed about our integration plans. We will continue to work closely with our colleagues affected by today’s announcement to help them through these changes over the coming year.”

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