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IT fears as Lloyds Banking Group cuts nearly 1,000 jobs

Group operations and executive functions will be affected as four sites are closed down

Lloyds Banking Group has revealed plans to make 990 redundancies across the company and close four offices, according to a trade union.

The cuts are part of the bank's intention to cut 15,000 jobs, announced last year, in a bid to save £1.5 billion pounds a year by 2014.

Employees working in Lloyds' group operations, executive functions, risk, wholesale, retail and insurance all face an uncertain future as a result of the announcement. It was not clear how IT jobs would be affected.

According to Unite union, around 28,000 jobs have already been lost at the bank over the past three years, since the takeover of the Halifax Bank of Scotland Group in 2008. Lloyds Banking Group is 40 percent owned by the taxpayer.

It said today's announcement will hit HBOS Newcastle, HBOS Romford, Lloyds TSB Scunthorpe and Lloyds TSB Dudley.

"Unite believes that this announcement is inappropriate as the full requirement of the group's divestment is unknown.

"Unite will be holding discussions with the bank with the objective of minimising the need for job cuts following this further restructuring. The organisation must do more to offer redeployment opportunities to their workers," said David Fleming, Unite national officer.


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