Lloyds To Axe 5000 Jobs

After having issued pink slips to thousands this year, Lloyds Banking Group PLC (NYSE: LYG) is planning to axe another 5000 jobs. This job cut will be across all the British locations. The Banking Group hopes to cut these jobs by the end of this year.

This move comes just after a recent announcement by Royal Bank of Scotland Group plc (NYSE: RBS) and HSBC Banks. Both these banks cut 5,400 jobs. Employee Unions are not happy with this. SkyNews quoted Rob MacGregor as saying that for those working in the banking sector; the week was a “dark week”. MacGregor is the National Officer at the Unite union. 5000 should not be construed as the final figure. Many may lose jobs as Lloyds may sell its assets.