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| Version 1 | Version 2 |
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| Lloyds announces 5,000 job cuts | Lloyds announces 5,000 job cuts |
| (10 minutes later) | |
| Lloyds Banking Group is to cut 5,000 jobs by the end of next year. | |
| As some of these cuts refer to temporary staff, the bank said the end result would be a permanent loss of 2,600 jobs in the UK. | As some of these cuts refer to temporary staff, the bank said the end result would be a permanent loss of 2,600 jobs in the UK. |
| A spokesman said the move would reduce overlap between divisions following the merger between Lloyds and HBOS last year. | |
| Most of the cuts will come in its operations unit, which includes IT, collections and payment services. | Most of the cuts will come in its operations unit, which includes IT, collections and payment services. |
| "We will continue to work closely with our colleagues affected by today's announcement to help them through these changes over the coming year," said Mark Fisher, a group director at Lloyds. | "We will continue to work closely with our colleagues affected by today's announcement to help them through these changes over the coming year," said Mark Fisher, a group director at Lloyds. |
| The scale of changes announced today will leave many staff in shock Ged Nichols, Accord union general secretary | |
| "We have mitigated the impact on positions through redeployment and the release of contractors and temporary staff." | "We have mitigated the impact on positions through redeployment and the release of contractors and temporary staff." |
| The bank said there would be a net reduction of 1,350 jobs in the operations division. Other divisions being cut back are insurance, where there will be a net loss of 940 jobs, and in retail, resulting in a net reduction of 270 jobs in mortgage operations. | |
| 'Corporate arrogance' | |
| The Unite union reacted angrily to the announcement. | |
| "This announcement demonstrates the depth of corporate arrogance within this taxpayer-supported bank," said Rob MacGregor, Unite's national officer. | |
| "This country's financial sector should be looking towards the future, rather than continuing to slash jobs without proper consideration of how to rebuild the public's confidence in our tarnished banking sector." | |
| Last week, Lloyds, which is 43%-owned by the taxpayer, said it would receive another £5.7bn in taxpayer support from the Treasury and sell at least 600 branches. | |
| Fellow bailed-out bank Royal Bank of Scotland also announced last week that it would cut almost 4,000 retail banking jobs across the UK. | |
| Accord, the union that represents the largest number of former HBOS employees now working in Lloyds, said the job cuts were "terrible news" for employees. | |
| "We always recognised that some job losses were inevitable as Lloyds TSB integrated HBOS operations, but the scale of changes announced today will leave many staff in shock," said Ged Nichols, Accord's general secretary. |