Lloyds Banking Group cuts a further 1,200 jobs

LONDON, Oct (HKSE: 3366-OL.HK - news) 12 (Reuters) - State-backed Lloyds Banking Group (Other OTC: LLOBF - news) said on Wednesday it planned to axe another 1,200 jobs as it progresses a restructuring plan aimed at cutting costs and improving returns for shareholders.

Employee union Unite branded the job losses, expected to hit the lender's retail banking as well as other divisions, as "horrific".

Lloyds announced in July it would be cutting a further 3,000 jobs and closing an additional 200 branches amid a more testing economic environment caused by Britain's vote to quit the European Union.

So far this year, Lloyds has already said it would cut about 4,000 positions from its 75,000-strong workforce and has closed nearly 100 branches this year.

"The constant flow of job cuts across Lloyds must now be halted and staff be allowed to get on with delivering the high quality and impressive service they are so good at providing," Rob MacGregor, Unite national officer said in a statement.

"The Lloyds management pursuit of this cuts agenda is counter-productive in their aim of a successful business." (Reporting By Sinead Cruise, editing by Andrew MacAskill)