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Lloyds to cut 200 jobs in general insurance division

Lloyds Banking Group is cutting 200 jobs in its general insurance division following a back office merger with Lloyds TSB and HBOS General Insurance.

The job cuts will be in the bank’s sales, marketing, actuarial and underwriting units in its Newport, South Wales and Yorkshire operation centers.

Last month the bailed-out bank cut more than 1,000 jobs partly as a result of the merger of Clerical Medical into Scottish Widows.

In June it announced it is to cut 240 offshore finance jobs across Jersey, the Isle of Man and Guernsey by the end of 2011, with a further 2,100 jobs over the next three years.

Lloyds general insurance managing director Philip Loney says: “We are bringing together these essential support functions in order to help meet the needs of our customers and the general insurance division.

“We recognise that this is difficult news for our affected colleagues. We are committed to working through these changes with our colleagues carefully and sensitively and will seek to use natural turnover and redeployment wherever possible.”


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