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London: Lloyds Banking Group PLC said today that it will cut another 1,600 jobs in Britain in a shake up of its lending businesses.
Lloyds, one of two big British banks being propped up by the government, said it would close its 164 Cheltenham & Gloucester branches in November, eliminating 833 jobs. It will continue to offer mortgages under the C&G brand.
The group's personal loans team will be moved to one site in London by the end of next year, at the cost of 265 full-time jobs, mainly in Chester in northwest England, and it is cutting 140 jobs elsewhere in the personal loans business.
Another 159 jobs will go as the Bank of Scotland and Intelligent Finance units cease writing new mortgages, Lloyds said.
The company took on a load of bad assets when Lloyds TSB acquired Halifax/Bank of Scotland in a government-backed deal.
That deal made Lloyds the nation's biggest retail bank, but it also forced the company to seek support from the government, which now holds a 43.4 percent stake.
HBOS logged a full-year loss of 7.5 billion pounds ($12.1 billion) in 2008, compared to a profit of 4.05 billion in the previous year. At the same time, full-year profit at Lloyds TSB fell 75 percent to 819 million pounds.
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