Hundreds more jobs at risk at Lloyds

by Gill Montia

Story link: Hundreds more jobs at risk at Lloyds

Lloyds Banking Group is to cut another 570 posts, and has a further 340 under review.

The job losses will come at the group’s life and pensions’ administration centre in Aylesbury, Buckinghamshire, bringing the total cull announced since the bank’s hurried merger with HBOS at the beginning of last year to around 15,000.

The latest staffing review has been prompted, in part, by Equitable Life’s decision to transfer an administration contract offshore in March 2011.

The troubled mutual, now in run off, originally had an agreement with Halifax Life but expects to save £8 million under a recently negotiated agreement with HCL, an Indian firm that intends to retain only 100 staff in the UK.

Earlier this month, reports emerged that 5,000 job losses can be expected at Lloyds during 2010.