New job cuts at Lloyds Banking takes total past 31,000

Lloyds Banking Group said yesterday it was slashing 940 jobs, in a move that will see total cuts rise to over 31,000 since its ill-fated takeover of HBOS in 2009.

Lloyds said the cuts would affect operations, insurance, retail, wealth, international and commercial divisions and formed part of earlier announced reductions during its  strategic review.

In June 2011, the part-nationalised bank said, it planned to save £1.5 billion by letting 15,000 staff go.

British trade union Unite highlighted the bank's decision to outsource 190 IT jobs as part of the changes and expressed anger over the decision.

"It is a complete disgrace that the bank, which is 41-per cent owned by the taxpayer, continues to cut jobs in such a cavalier way," Unite said in a statement.

The lender said it would try to avoid compulsory redundancies where possible, using them only as a last resort.