Lloyds To Cut 650 Jobs After Retail Strategy Review

30th Jun 2010 12:31

By Patricia Kowsmann Of DOW JONES NEWSWIRES LONDON (Dow Jones)--Lloyds Banking Group PLC (LYG) said Wednesday that it will cut 650 jobs after closing an insurance site and other locations, as it continues to streamline its operations in the U.K. The 41%-government owned U.K. bank is also shutting down its Halifax Independent Agency business, which is comprised of agencies that offer limited banking services, as opposed to regular branches. Lloyds said it has decided the agencies "are no longer integral to its business model." Excluding the agencies staff, who aren't actually employed by the bank, the number of positions being cut in the latest exercise are 1,850. Because some employees have been transferred elsewhere, the actual number has dropped to 650, it said. -By Patricia Kowsmann, Dow Jones Newswires. Tel +44(0)207-842-9295, [email protected] (END) Dow Jones Newswires June 30, 2010 07:31 ET (11:31 GMT)