Lloyds to axe 990 jobs, part of earlier job cuts

February 7, 2012 7:35 AM EST

Lloyds Banking Group announced 990 job cuts on Tuesday, which the part-nationalised British bank said formed part of last year's broader plans to axe 15,000 jobs across the company.

Lloyds, which is 40 percent owned by the government after a state bailout during the 2008 credit crisis, said the latest cuts would take place within its group operations, executive functions, risk, wholesale and insurance divisions.

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It added it would seek to redeploy staff where possible and that compulsory redundancies would be a last resort.

Last June, chief executive Antonio Horta-Osorio announced plans to cut 15,000 jobs and halve Lloyds' international presence as part of a restructuring designed to save 1.5 billion pounds a year by 2014.

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

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