Lloyds announces 1,000 job cuts

Lloyds Banking Group has announced plans to slash almost 1,000 jobs in the UK, as well as closing some of its offices, according to the bank's employee union Accord.

The banking giant, which is undergoing an extended period of cost reduction and streamlining of its businesses, said it plans to make the 990 cuts through a combination of voluntary redundancy and natural turnover.

A total of £1.5bn annual costs are expected to by saved within the next three years.

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The firm, in which the UK government holds a 41% stake, is closing sites in Newcastle, Leeds, Romford and Scunthorpe.

An additional £2bn will be invested in the group between 2011 and 2014 to expand its core operations, including Lloyds TSB, Halifax and Bank of Scotland.

Accord's general secretary, Ged Nichols, said: "LBG shedding almost 1,000 more jobs on top of the 30,000 that have been lost since HBOS was taken over just three years ago is devastating news for the employees who will be affected and the communities in which they live. The areas affected cannot afford to lose the high quality jobs that will go as a result of today's announcement.

The share price fell 0.91% to 34.98p by 15:19.

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