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British banks on job cutting spree

Three large British banks are set to announce large scale job cuts in the coming weeks. Lloyds has already confirmed plans to axe more than 1,000 roles and outsource more than 300 others to another firm. Royal Bank of Scotland and Barclays are now likely to follow. RBS , which is expected to make an £8billion annual loss after taking another £3billion hit for the mis-selling scandal, is going to announce a substantial cost cutting programme next month. Barclays is gearing itself up to shed several hundred of its investment bankers. The bank announced in November 2013 some 1,700 job losses in a drive to replace its branch staff with even more machines. Barclays has also ordered staff to cut face-to-face meetings wherever possible to save money on flights. The latest Lloyds cuts take the number of job losses at the bank, still part owned by the taxpayer, to around 35,000 since 2008. Lloyds said the 1,080 job losses were across the country, with half being relationship managers dealing with business customers.

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