Britain's Lloyds Banking Group, which is 43 per cent owned by the UK government, will cut 200 jobs in its general insurance division by the end of January in a shake-up of back office functions, the bank said today.
Lloyds, which agreed to buy rival HBOS last year, said it was combining the support operations of Lloyds TSB and HBOS General Insurance, including sales, marketing, actuarial and underwriting operations.
The bank said the jobs would be cut in locations including Wales and Yorkshire, in the north of England.
Analysts have estimated that over 30,000 jobs could be cut as Lloyds integrates HBOS.
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Reuters