Britain's Lloyds Banking Group cuts 940 jobs

LONDON Wed Jan 23, 2013 7:34am EST

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LONDON Jan 23 (Reuters) - Lloyds Banking Group said on Wednesday it was axing 940 jobs bringing the total amount cut since its ill-fated takeover of HBOS in 2009 to over 31,000.

Lloyds said the jobs would be lost in its operations, insurance, retail, wealth, international and commercial divisions and were part of the reductions previously announced in its strategic review.

The part-nationalised bank said in June 2011 that it planned to save 1.5 billion pounds by letting 15,000 staff go. The cuts formed part of Chief Executive Antonio Horta-Osorio's plans to turn it around following a state bailout which left it 41 percent owned by the British taxpayer.

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