Lloyds axes 700 jobs as part of earlier job cut plan

Part-nationalised bank Lloyds is cutting 700 jobs within various parts of the group, as part of a broader plan to reduce 15,000 roles first announced last year.

Lloyds, which is 40-percent owned by the government after it was bailed out during the 2008 credit crisis, said the cuts would occur within its operations, executive and risk departments, as well as at its wealth, international, wholesale and community banking arms.

Last June, chief executive Antonio Horta-Osorio said the bank would axe 15,000 jobs and halve its international presence as part of a restructuring designed to save 1.5 billion pounds a year by 2014.

Lloyds said it would look to redeploy those affected and would offer voluntary redundancy packages, with compulsory redundancies a last resort.

(Reporting by Sudip Kar-Gupta; Editing by Myles Neligan)

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