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The government is concerned banks will not honour a pledge to preserve the 'last bank in town' after Lloyds announced plans to close 150 branches and cut 9,000 jobs.
ITV News Political Correspondent Emily Morgan reports:
Business Secretary Vince Cable is set to write to big banks urging them to keep branches open in towns where there are no other banks open.
It follows an announcement from state-backed Lloyds bank that it is going to close 150 branches and make 9,000 staff redundant.
ITV News Business Editor Joel Hills is following developments.
The Unite union has said that job losses announced by the Lloyds Banking group represent "deeply unsettling times" for staff.
Lloyds balance sheet had to take into account one off charges including a £900 million increase in provision for payment protection insurance (PPI) scandal. It takes the running total of the sum set aside for PPI by Lloyds to £11.32 billion.
The job cuts announced by Lloyds represent around 10% of its current workforce of 88,000. It has already slashed more than 30,000 since the start of the financial crisis.
The group, which is 25% owned by the taxpayer, said it plans to "digitise" the bank, adding that it wants to simplify the business and be more efficient.
Meanwhile, third-quarter results showed underlying profits for the business, which includes Halifax and Bank of Scotland, up 41% to £2.2 billion.
Bottom line pre-tax profits were £693 million after taking into account one-off charges including a £900 million increase in provision for payment protection insurance (PPI) scandal.
The Taxpayer-backed Lloyds Banking Group is to cut 9,000 jobs over three years and shut 150 branches, it announced.
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When Lloyds TSB takeover of HBOS was announced back in 2008 the unions spoke of fears that up to 40,000 staff could lose their jobs.