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Lloyds Bank Cuts 1,400 Jobs in Consumer, Corporate Banking Units

Jan. 28 (Bloomberg) -- Lloyds Banking Group Plc, the U.K.’s biggest mortgage lender, said it’s cutting about 1,400 jobs in its consumer, risk, operations and corporate banking businesses.

The reductions are part of the 15,000 job losses Chief Executive Officer Antonio Horta-Osorio announced in 2011, the London-based lender said in a statement today. Some 310 of the people will be moved to new employers, the company said.

Horta-Osorio, 50, is seeking to strengthen Lloyds’s balance sheet by selling assets, reducing costs and eliminating jobs. Lloyds has cut more than 30,000 positions and closed overseas units to focus on the U.K. since its 20 billion-pound ($33 billion) taxpayer rescue in 2008.

“The group’s policy is always to use natural turnover and to redeploy people wherever possible to retain their expertise and knowledge within the group,” the bank said. “Where it is necessary for employees to leave the company, it will look to achieve this by offering voluntary redundancy.”

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