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Lloyds Banking Group confirm job losses

File photo dated 18/03/14 of a general view of a sign for Lloyds Bank Credit: PA Images

Lloyds confirmed the job losses, but said 65 new roles will be created across group operations and retail.

A statement said: "Lloyds Banking Group is committed to working through these changes with employees in a careful and sensitive way. All affected employees have been briefed by their line manager today.

Compulsory redundancies will always be a last resort. In fact, since the strategic review in 2011 around only a third of role reductions have led to people leaving the group through redundancy."

Lloyds said that of 15,000 previously announced job losses, 13,055 will have gone after today's news.


Union urges no compulsory redundancies at Lloyds Bank

The Unite union has said it will press Lloyds Bank for a guarantee of no compulsory redundancies as the banking group was revealed to be axing 645 jobs and closing a telephone banking centre in Warrington.

Over 2,400 jobs have gone at the taxpayer bailed out bank since the start of the year leading to "plummeting" staff morale, said Unite.

Half the job losses half will result from the Warrington site's closure by the end of 2014, in a move Unite branded as "unjustified" and a "bad deal" for customers. Most of the other cuts will be from the group's wealth business and HR function, said Unite.

More: Lloyds Bank to cut 645 jobs.

£4.2 billion raised in selling taxpayer's Lloyds shares

As the government confirmed it has sold more of its stake in Lloyds Bank, ITV News Business Editor Joel Hills looks at what that means for the tax payer and the company:

UKFI is a company with HM Treasury as its sole shareholder which is mandated to manage the Treasury's shareholdings.

Treasury confirms it has sold 7.8% of Lloyds shares


Taxpayer stake in Lloyds Bank to be reduced

The government is planning to sell more of its stake in Lloyds Bank, ITV News Business Editor Joel Hills reports.

  1. Martin Geissler

Scottish independence causes banking uncertainty

There's a picture emerging of a nervousness across the finance sector north of the border, after Lloyds and Barclays warned that a vote for Scottish independence may carry risks and costs for them.

Financial institutions have warned of the uncertainty that may follow a Scottish independence vote Credit: David Cheskin/PA Archive/Press Association Images

There was even talk emerging today of Lloyds and RBS having to move their headquarters south in the event of independence.

That's because it seems there is an old European diktat that says a finance house must be headquartered where most of its customers live - in both those cases, that would be in England.

Barclays has warned of risks linked to possible Scottish independence Credit: Dominic Lipinski/PA Wire/Press Association Images

So that would be bad news potentially for jobs in Scotland, and bad news certainly for the prestige of Edinburgh as a major finance hub.

However, George Osborne has warned in the past of a bloated finance sector that Scotland couldn't support in the event of a financial crisis.

Lloyds and RBS may be forced to move their headquarters to England if independence occurred Credit: John Stillwell/PA Wire/Press Association Images

But if their headquarters weren't in Scotland, it wouldn't be their problem - it would be England's.

So as ever on this topic, there's more than one way to look at any of the issues that emerge.

Barclays warns of Scottish independence instability

Barclays bank has warned that the upcoming vote on Scottish independence could "affect the group's risk profile" by potentially destabilising financial markets.

Barclays bank has warned that the Scottish independence vote could increase the group's financial risk Credit: Dominic Lipinski/PA Wire/Press Association Images

Barclays' warning follows concerns expressed by several other financial institutions about the effect of the independence vote, including Lloyds Banking Group, RBS and Standard Life.

Barclays said: "The referenda on Scottish independence in September 2014 and on UK membership of the European Union (expected before 2017) may affect the Group’s risk profile through introducing potentially significant new uncertainties and instability in financial markets."

Barclays said the vote could bring uncertainty "both ahead of the respective dates for these referenda and, depending on the outcomes, after the event".

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