500 jobs go at Lloyds and RBS

Lloyds and Royal Bank of Scotland, the two largest British banks bailed out during the financial crisis, are cutting about 500 jobs in the latest round of redundancies across the industry.

RBS is set to axe about a fifth of its 1,000-strong global banking team, which houses the bank's corporate finance and advisory divisions within its investment bank.

Lloyds, which is about 41 per cent-owned by the government, said it was cutting 300 jobs across its retail, wholesale and wealth units. It has shed 27,000 jobs over the past two years, as it continues an integration programme following its 2008 takeover of the troubled lender HBOS.