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article image850 further job cuts announced by Lloyds bank

By Owen Weldon     May 10, 2013 in Business
Lloyds Banking Group announced that it plans on cutting 850 more jobs, as well as closing down a large office located in Essex.
Lloyds said that an office in Southend will shut and more than 600 jobs will be loss as a result, and the remainder of the jobs will be cut in its commercial and insurance operations, according to BBC.
According to Bloomberg, the reduction in jobs is part of the 15,000 job losses that CEO, Antonio Horta-Osorio, announced back in 2011.
Horta-Osorio, 49, wants to strengthen Lloyd's balance sheet by selling its assets as well as cutting costs. Units overseas has been closed down so the focus can be on the UK and eliminated more than 35,000 positions since the 2008 banking crisis.
According to BDLive, although cuts are being made, 275 new roles will be created, with the majority of them being in Northern Ireland, Belfast and Pitreavie, Scotland.
Since the start of this year, the bank has cut close to 3,000 jobs. The bank said that Compulsory redundancies will always be a last resort.
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