Taxpayer-backed Lloyds Banking Group is to cut 850 staff across its business banking, consumer and asset finance divisions under cost-saving plans to axe a total of 15,000 jobs. The bank, which has shed 35,000 staff in the last five years, is also closing its Southend office.
Dominic Hook, national officer from the Unite union, said: "Lloyds is celebrating a return to profit and there are hints of dividend payouts but staff are in constant fear that they will be next for the chop."
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