Lloyds to axe 1,200 insurance, IT jobs

LONDON: Lloyds Banking Group Plc, whose largest shareholder is the British government, said it plans to cut a total of 1,200 jobs in its UK information technology and insurance units by the end of March.

The announcement brings the number of jobs eliminated by the bank this year to 8,850. Those leaving will include 370 contract and agency employees, the bank said yesterday. The cuts will be partially offset by the creation of 180 new posts in group operations.

"The information technology area will be crucial," said Simon Willis, an analyst at NCB Stockbrokers Ltd in London who has a "sell" rating on the stock. "As they integrate back office systems, the more difficult it is to unravel."