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Finextra

Lloyds Banking Group says it will cut around 5000 jobs, including information technology positions, from its UK operations by the end of 2010.

However, the bank says redeployment and the release of contractors, temporary staff and offshore personnel, means the net reduction will be about 2600 permanent UK jobs.

The bank, 43%-owned by the taxpayer, has already cut over 8000 jobs this year as it integrates the operations of HBOS, which was acquired in January, and tries to reduce costs by £1.5 billion over the next three years.

This has been covered on the news over in the UK quite a bit, regardless of how you feel about it, the loss of employment to employees and self employed people is tragic regardless of the industry, hopefully though, the anticipated new entrants to the UK banking sector as a result of the announced banking transactions last week might create new opportunities for revenue and employment.

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