Tuesday August 25, 12:49 PM
British bank Lloyds to axe another 200 jobs
LONDON (AFP) - Britain's state-rescued Lloyds Banking Group (LSE: LLOY.L - news) on Tuesday said it would cut 200 more positions, bringing the toll to around 7,500 job losses since the start of the year.
LBG said the latest jobs to go would disappear in England and Wales by January 2010 as it merges insurance operations.
LBG, which is 43 percent owned by the taxpayer after a massive government bailout, has slashed thousands of jobs since its creation earlier this year following Lloyds TSB's takeover of rival banking group HBOS.
"LBG has today announced a number of organisational changes in its general insurance division," the bank said in a statement.
"The group is combining the support functions of the Lloyds TSB and HBOS General Insurance division into one integrated business. These include sales, marketing, actuarial and underwriting operations."
LBG last week said it would review plans to axe its Cheltenham & Gloucester retail bank branches. LBG had in June announced plans to shut the network of 164 branches with the loss of 928 posts.
Lloyds TSB took over HBOS when the latter faced possible collapse with the credit crunch hitting its ability to raise funds.
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