Lloyds sacking another 200

25th Aug 2009 12:13

Lloyds Banking Group is axing 200 jobs at its general insurance division just days after throwing a lifeline to almost 900 staff at its Cheltenham & Gloucester (C&G) unit.The company, 43%-owned by the government, said the cuts would take until the end of January to complete as it merges Lloyds TSB's support operations with HBOS General Insurance.It has now reduced its workforce by 7,500 this year following its disastrous takeover of HBOS in 2008, but experts thinks 30,000 jobs could go before the bloodletting ends.Last week, the part-nationalised bank said it will review its decision to close all 164 C&G branches, two month after saying it would close the entire branch network by November. Lloyds didn't give a reason for the decision, but said the branches will remain open while it considers its options. It bought C&G for £1.8bn in 1995, but has been forced to make some tough decisions following the HBOS deal.Unions were highly critical of the bank's behaviour. 'We have no confidence in this bank's confused strategy," said Unite national officer Rob MacGregor. 'This steady stream of announcements and cuts is soul destroying for the workforce.'He called on the government to be more 'hands on' and end 'poor management' at the bank.Offices in Newport, Gwent and West Yorkshire will bear the brunt of the latest losses.