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Lloyds and RBS to cut 1,900 jobs

Lloyds Banking Group has announced that it is to make 1,600 job cuts, while the Royal Bank of Scotland is planning to shed around 300 roles.

The job losses at Lloyds group form part of the 15,000 job cuts it announced in June 2011.

The redundancies will come from within group operations, group executive functions, wholesale and insurance divisions, non are believed to be from its mortgage division.

Meanwhile, RBS is making 464 roles redundant in its private banking division but creating 150 jobs, resulting in around 300 job losses.

This will bring the total job losses announced to date to around 34,000.

A spokeswoman for RBS, says: “We are working hard to rebuild RBS in order to repay taxpayers for their support and having to cut jobs is the most difficult part of this process. 

“We strive at all times to be open and honest about the tough choices we are making and we remain committed to providing our customers with the same high level of service as we make changes to our private banking direct structure.

“We will do all we can to support our people, offer redeployment opportunities wherever possible and keep compulsory redundancies to an absolute minimum.”

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