British bank Lloyds says it is cutting 2,100 more jobs

Agencies
Posted: Tuesday, Jun 30, 2009 at 2024 hrs IST
Updated: Tuesday, Jun 30, 2009 at 2024 hrs IST

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London: Britain's state-controlled Lloyds Banking Group said on Tuesday that it would cut 2,100 more jobs over the next three years as the embattled company seeks to streamline its operations.

"LBG is announcing today a number of organisational changes within its group operations and wholesale divisions," it said in a statement.

"These changes follow careful and detailed reviews by the group and will result in the bringing together of a number of functions."

Lloyds, which is 43-per cent owned by the government after a huge bailout, added that it has already cut 700 roles "through the natural attrition process" and the release of contract and agency workers.

"Following these changes, up to approximately 2,100 roles will be affected over the next three years. This number is mitigated by the creation of approximately 350 new roles in the wholesale division."

According to trade union estimates, the bank has now slashed around 7,000 jobs since its creation in January, when Lloyds TSB bought rival lender HBOS in a government-brokered deal.

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