Lloyds cuts 1,600 jobs

Lloyds Banking Group has announced a further 1,600 job cuts across several divisions as part of its plan to remove 15,000 posts over three years.

The cuts were condemned by unions which accused the bank of "making employees pay for the fault of others", referring to last week's damning regulator's report on HBOS. Up to 300 of the jobs are being moved to India.

Separately, RBS unveiled 464 job cuts yesterday, although it said it would create 150 new jobs elsewhere.