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Lloyds Banking Group cuts 940 jobs


March 17. 2013 3:07AM
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(AP) Part-nationalized Lloyds Banking Group says it is eliminating 940 jobs in a continuing reduction of its payroll.


Lloyds announced Wednesday that it hopes to redeploy affected employees and not resort to redundancy, but a union representing bank workers has reacted furiously.


Dominic Hook, national officer of the Unite Union, says it is a complete disgrace that the bank, which is 41 percent owned by the taxpayer, continues to cut jobs in such a cavalier way.


Lloyds has a target of cutting 15,000 jobs by the end of 2014, and has so far announced 8,000.


Barclays, meanwhile, has announced a review of jobs in its investment banking division. It won't comment on published reports that up to 2,000 of the current total of 23,000 jobs worldwide may go.


Associated Press


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