- Tuesday's Heavy Dose of Data to Dictate 'Risk' Behavior
- World's Largest Share Issue Priced at Deep Discount
- Obama says Boosting US Jobs is Top Priority
- GM to Cut up to 9,500 Jobs in Europe
- Playboy to Outsource Most Magazine Operations: Report
- Why the Dollar Will Likely Stay Weak for Some Time
- Appeals Court Denies Microsoft's Alcatel Petition
- HP Comes in As Expected; Is It Time to Buy?
- Cramer: What Monday’s Housing Number Really Means
- Can Murdoch Help Bing Challenge Google and Shift the Content Equation?
- HP's Mark Hurd
- HP Comes in As Expected; Is It Time to Buy?
- 9 Stocks That Play Rising Water Costs: Strategists
- Weis' Deal Likely Won't Change Big Money Contracts
- Gold Prices Can Double in 3 Years: Portfolio Manager
- Nov. 23: Unusual Volume Leaders
- Help Wanted—Please Run $4 Billion University
- Apple Comes to AT&T's Rescue
MOST SHARED
- The 'Real' Jobless Rate: 17.5% Of Workers Are Unemployed
- Why Amazon Rules Retail
- Wave of Debt Payments Facing US Government
- The Social Media Gaming Threat
- China Eastern to Complete Shanghai Air Buy by End '09
- Paul: Audit the Fed
- Gold Will Collapse Like Oil Did in 2008: Charts
- JAL Slides to Record Low on Bankruptcy Jitters
- Prepare For Large Decline In Stocks, Next Year?
- Lyondell Urged to Consider Reliance Takeover Offer
Text Size 
Bailed-out British lender Lloyds Banking Group is to cut a further 5,000 jobs by the end of 2010 as it continues to overhaul its operations and integrate HBOS.
Lloyds [LLOY-LN Loading... ()], 43 percent owned by the government, said on Tuesday it would take mitigating actions, including redeploying staff and releasing contractors and temporary employees, to limit the net reduction in permanent jobs to 2,600.
That would take net cuts to permanent jobs at Lloyds to around 9,000 since it acquired HBOS in January.
 |
Sharon Lorimer |
Analysts have estimated that over 30,000 jobs could go as the two banks integrate.
News of further bank sector redundancies came a week after more than 5,400 jobs were cut at part-nationalized rival Royal Bank of Scotland [RBS-LN Loading... ()] and HSBC.
The Unite union said the cuts were "corporate arrogance".
"This country's financial sector should be looking towards the future, rather then continuing to slash jobs without proper consideration of how to re-build the public's confidence in our tarnished banking sector," Unite national officer Rob MacGregor said in a statement calling for a suspension of job losses.
Lloyds said 2,820 roles — the bulk of the total — would be cut in group operations, with contractors and temporary staff helping to keep the net reduction to 1,350.
It will also cut 1,190 jobs in insurance across Britain, and 950 in its mortgage operations where business will be consolidated to a handful of sites.
Lloyds said compulsory redundancies would be a last resort.
- A diet high in fat and sugar might actually be good for your portfolio.
- Warren Buffett and Bill Gates discuss the economy and other subjects with CNBC's Becky Quick.
- From the AIG&T to the Merrill Lychee, Jane Wells lists this year's fashionable holiday cocktails.
- The show attracts a big TV audience every year, but this year it may take on even more importance.
- …you'll want to be prepared. Tips for getting the most out of the post-Thanksgiving shopping frenzy.
- Congressman Ron Paul explains to Squawk Box why he’s pushing legislation to audit the Federal Reserve.
Data is a real-time snapshot *Data is delayed at least 15 minutes