British bank LBG to axe up to 5,000 jobs
Posted: 10 November 2009 2027 hrs

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LONDON : Britain's state-controlled Lloyds Banking Group is to cut 5,000 roles by the end of 2010, it said on Tuesday, confirming earlier media reports.

"LBG is announcing today a number of changes within its group operations, insurance and retail divisions," the company said in a statement.

"These changes mean that the total number of affected roles by the end of 2010 is expected to be about 5,000."

Lloyds said it hoped to focus on cutting temporary staff, contractors and offshore workers, while redeploying some British personnel.

"Taking these mitigating actions into account means there will be a net reduction of about 2,600 permanent jobs across the UK by the end of 2010," it added.

The British government has a 43-percent stake in Lloyds Banking Group after bailing out the company in the wake of the fierce global financial crisis.

LBG, created in January when Lloyds TSB bought rival lender HBOS in a state-brokered deal, has now axed about 13,000 jobs since the start of 2009.

- AFP/vm