UK State-Owned Banks Axe 2,000 Jobs

‘Royal Bank of Scotland (RBS), 82% state-owned, and Lloyds Banking Group, 40% owned by the British government, have announced that they would cut over 2,000 UK jobs, reported the Financial Times on Tuesday.

Lloyds announced it would cut 1,600 positions as part of a broader plan aimed at cutting 15,000 jobs. The positions included roles from Lloyds’ group operations, wholesale and insurance divisions. Furthermore, RBS announced that it was cutting 464 positions as it plans to shut down sites in Bristol and Farnborough and limit its activities in London, Leeds, and Edinburgh.’

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