Lloyds Banking to axe insurance staff

Lloyds Banking Group is to shed 200 general insurance jobs as part of a shake-up to combine back-office functions with HBOS General Insurance.

Jobs in the bank’s Newport, South Wales and Yorkshire operations will be cut. Sales, marketing, actuarial and underwriting operations at both banks will be rolled into one unit.

Managing director, general insurance Philip Loney said: “We recognise that this is difficult news for our affected colleagues. We will seek to use natural turnover and redeployment wherever possible.”