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Lloyds bank announces 700 job losses

Lloyds bank has today announced a further 700 job losses with news that the company's contract with Equitable Life is to be terminated in March 2011. Equitable Life is moving the administration to India with firm HCL with more than 200 job losses. As a consequence, Lloyds bank will be moving 750 life, pensions and investment administration jobs from Aylesbury to Edinburgh and Bristol which will result in job losses in the Buckinghamshire area.

This is the latest body blow for Lloyds bank employees who have seen thousands upon thousands of job losses announced over the last few months. The company is under pressure to cut costs where possible after the disastrous acquisition of HBOS and the subsequent bailout by the UK government. Despite the ever growing list of job losses the company has been in contact with the various unions representing workers whose positions are under threat and there appears to be a good working relationship between the two.

It is unlikely that the 700 job losses announced today will be the end of the road for Lloyds bank as there are thousands more job losses expected in 2010. Lloyd's is just one of a number of UK banks under pressure at the moment amid signs that the financial sector is recovering albeit slowly.

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