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Lloyds to make further job cuts

26-11-20152Lloyds Banking Group is set to cut down 1,000 jobs as part of its restructuring program. News reports said the bank intends to spread the cuts across its operations – including in its branch network. These cuts will form part of an overall target of 9,000, announced just over a year ago as the precursor to a new three-year strategy aimed at reflecting the increasingly digital consumption of banking services. Earlier, 2360 of the 9,000 job reductions targeted by the end of 2017 have so far been lost. Some of those affected this week will be redeployed elsewhere within Lloyds, reducing the number of people made redundant well below 1000. The latest wave of cuts may also take to somewhere in the region of 50,000 the total number of jobs shed by Lloyds since it rescued HBOS, the stricken mortgage lender, during the 2008 financial crisis. More than 10 million Lloyds customers currently bank online while more than five million use its mobile banking services.

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