Lloyds Banking announces job cuts

Lloyds Banking Group PLC (NYSE: LYG), which employed roughly 118,000 people at end June, plans to further cut about 4,300 jobs in a series of reorganization moves. LYG’s move will also involve the transfer of 680 jobs in its group operations, insurance and retail division. LYG expects this job cut to affect 5,000 employees, including temporary staff, contractors and offshore personnel.

The government, which is a 43.4% stakeholder in Lloyds Banking Group, had last week announced its plans to inject another £5.7 billion to raise its share in the bank. Meanwhile, LYG had announced its plans to dispose over 600 branches, or 4.6% of its total, over the next four years to appease EU competition regulators.