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British bank cuts 4,500 IT jobs

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Lloyds Banking Group is cutting 4,500 jobs from its IT department as part of its integration of Halifax and Bank of Scotland.

The bank, which now includes Halifax, Bank of Scotland, Scottish Widows and Cheltenham and Gloucester, is 40 per cent owned by the taxpayer. It was pushed to bail out HBOS at the height of the financial crisis in late 2008.

The bank said 1,600 permanent jobs would go alongside 1,150 temporary and contractor jobs and another 1,750 posts overseas. The cuts were long rumoured because Lloyds has always been a big fan of offshoring technical work.

Lloyds last cut tech jobs in January when it laid off 585 people due to the closure of its personal loan centres. ®

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