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Lloyds bank announces further job cuts

Lloyds bank, in which the UK government has a major share stake, has today confirmed a further 4,500 job cuts in its IT division. This takes the total number of job cuts since its merger with HBOS to "around 22,000" and has provoked an angry response from union leaders.

This massive reduction in the Lloyds bank workforce continues to go on with more job cuts expected in due course as the company admitted it could not rule out further restructuring. This is an operation which was effectively bailed out by UK taxpayers although as yet there has been very little return and the company continues to shed jobs.

It is believed that many of the HBOS operations will account for the bulk of the job losses although offices in Edinburgh, Halifax, Leeds and Chester are set to be hit harder than most. The UK government has very little in the way of influence regarding these job cuts because there is a conflict of interest on one hand with a significant stake while on the other looking to assist the UK employment market. The ongoing demise of the UK banking sector is a stark reminder of the deep scars left behind by the credit crunch and worldwide recession.

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