Lloyds Banking Group said yesterday it was shedding 940 jobs bringing the total amount cut since its ill-fated takeover of HBOS in 2009 to more than 31,000. The jobs will be lost in its operations, insurance, retail, wealth, international and commercial divisions and were part of the reductions previously announced in its strategic review. In 2011, the bank said it planned to save £1.5 billion by letting 15,000 staff go. The cuts formed part of chief executive Antonio Horta-Osorio’s plans to turn it around following a state bailout which left it 41 per cent owned by the British taxpayer.

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