Lloyds to cut 940 more jobs

Lloyds Banking Group has announced plans to cut a further 940 jobs with around 300 roles in its wealth, retail, and international divisions set to go.

Other areas of the business affected by the cuts include group operations, insurance, and commercial.

Earlier this month Lloyds made cut 170 Halifax jobs as part of planned reductions announced in the group's strategic review in June 2011.

The bank said that compulsory redundancies would be a 'last resort' and that it would look to redeploy staff in other areas of the business.

A spokeswoman said: 'Lloyds Banking Group is committed to working through these changes with employees in a careful and sensitive way. All affected employees have been briefed by their line manager today.'

‘Where it is necessary for employees to leave the company, it will look to achieve this by offering voluntary redundancy. Compulsory redundancies will always be a last resort.’