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Lloyds Banking Group axes further jobs

by: Mortgage Solutions
  • 30/11/2009
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Lloyds Banking Group (LBG) is to cut 700 jobs in its Buck­inghamshire office, following the termination of an admin­istration contract with insurance firm Equitable Life.

Equitable Life’s decision to switch its contract from LBG to Indian IT firm HCL Technologies in March 2011 will result in the loss of 240 posts.

The failure to renew the ten-year agreement prompted LBG to carry out a strategic review of its life, pensions and investment operations and it decided to make 570 of these jobs redundant by the end of 2011.

Most of the losses were included in an announcement earlier this month which stated that 5000 jobs would go in 2010.

John van der Wielen, managing director of Halifax Life, said LBG would manage the job losses in a phased fashion over the next two years.

He added: “We will work closely with the local government bodies to ensure colleagues achieve the best possible outcome based on the options available.”

Chris Wiscarson, chief executive of Equitable Life, said he regretted the concern, uncertainty and disruption which the move would bring to affected staff.

However, he added: “HCL has an impressive reputation, and I am confident that it will provide great service and great value to policyholders.”

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