Lloyds Banking Group cuts 940 jobs

Lloyds Banking Group cuts 940 jobs, Barclays investment bank under review

Associated Press

LONDON (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.

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