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Jun 9, 2009, 12:12 GMT

Lloyds Banking Group to cut more jobs (Roundup)

London - Britain's Lloyds Banking Group Tuesday announced the closure of nearly 200 branches of a subsidiary with the loss of 1,600 jobs. Lloyds, which has been struggling to digest its mega-merger with ailing Halifax Bank of Scotland (HBOS) earlier this year, said it would close 164 branches of the Cheltenham and Gloucester (C&G) bank, a former building society it acquired before the banking crisis. Trade Unions have described the move as 'death by a thousand cuts,' following the reduction of some 3,000 jobs as a result of the HBOS takeover. Lloyds said it would try to achieve the cuts through natural turnover, making less use of contractors and redeploying staff whereever possible. For the overwhelming majority of C&G branches there was a Lloyds branch nearby, the bank said. C&G, a traditional High Street brand, was founded in 1850. The merger between Lloyds and HBOS was forced through at the behest of the government at the height of the banking crisis last September, creating a superbank with a staff of 140,000.

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