Lloyds to cut 1,340 jobs under plan to boost profits

London

LLOYDS Banking Group plc, Britain's largest mortgage lender, will eliminate about 1,340 jobs as part of a cost-cutting programme that started in October 2014.

The move is part of a plan to pare about 12,000 roles by 2017, the Accord labour union, which represents employees, said in a statement on Wednesday. The job losses are within retail banking, operations, finance and risk and customer products and marketing and bring cuts to about 8,680 so far. The lender, which employs about 74,117 in total, said it will create 110 new roles and seek to move some people to other positions.