Lloyds Banking Group cuts 850 jobs

<p>850 jobs have been cut by Lloyds Banking Group.</p>

More than 800 people employed by Lloyds Banking Group are going to be made redundant, it has been announced today (May 8th) by the company.

It confirmed 850 members of staff are going to be let go as part of its cost-cutting measures.

Lloyds, which has now announced 2,750 job losses this year, revealed it will be seeking to make as many of the redundancies as possible voluntarily.

But union Unite was critical of the bank's move, pointing out that such severe job losses are likely to have a negative impact on the UK's economy, which only avoided slipping into a triple-dip recession this year thanks to modest growth of 0.3 per cent in the first quarter.

Unite's national officer Dominic Hook said: "Lloyds is celebrating a return to profit and there are hints of dividend payouts to shareholders, but the bank's workers are in constant fear that they will be next for the chop."

Following the news of the job cuts, the share price of Lloyds Banking Group rose by over three per cent and stood at 57.85 at 16:08 BST.

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