Lloyds to cut 900 jobs

Part-nationalised Lloyds Banking Group is to cut 900 jobs - part of wider plans unveiled last year to cull 15,000 posts across the company.

Lloyds' group operations, executive functions, risk, wholesale and insurance divisions are likely to be hit.

The banking group, which following the financial crisis in 2008 is 40% owned by the UK government, has said it hopes to redeploy the affected staff elsewhere in the business.

Following the announcement shares in Lloyds traded slightly down and had lost 0.09% by 2.04pm, taking them to 35.27p.