Lloyds to cull another 5,000 staff

The news brings the total of job cuts at the bank to 12,500 since the beginning of the credit crisis. Cuts will be made in insurance and back office staff, as well as retail mortgage lending. Up to 2,600 permanent jobs will be lost across the UK, with the remaining comprising contractors, temporary staff and offshore workers. The bank, which is 43% taxpayer owned, stressed voluntary redundancies would be offered first and compulsory lay offs would only be exercised as a last resort. However, Rob MacGregor, the national officer for the Unite union, says: "This announcement of 5,0...