Major job cuts at Lloyds private bank

Lloyds Banking Group is to slash 1,080 UK staff most of which will be in the wealth and commercial arms.

The cuts are part of the 15,000 job losses announced in Lloyds’ strategic review in June 2011, with the aim to return money back to the taxpayer. The bank is 39% owned by the public.

Rob MacGregor, national officer of industry union Unite, said: "While staff at Lloyds Banking Group continue to work hard to deliver half year profits of £2.1 billion, management has confirmed it is to give 1,390 staff another kick."

In a statement, the bank said: "Lloyds Banking Group is committed to working through these changes with employees in a careful and sensitive way."

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