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Lloyds Banking Group to eliminate 940 jobs in UK

London-based Lloyds Banking Group is set to eliminate approximately 940 jobs in the UK operations, implementing the previously announced strategy to narrow businesses and save operational costs.

The 41% UK government owned lender said that job cuts will be implemented across operations, insurance, retail, wealth, international and group divisions, while 190 IT jobs will be outsourced to India.

In June 2011, its chief executive Antonio Horta-Osorio said that the company will slash nearly 15,000 jobs to save £1.5bn ($2.4bn).

The latest round of proposed job cuts bring the total redundancies to 31,000 since its merger with banking and insurance company HBOS in 2009.

Lloyds was forced to accept a £20bn state bailout due to takeover of HBOS at the height of the 2008 financial crisis, and axed nearly 30,000 jobs following the acquisition.

The move comes after the recent announcement by another British bank Barclays to eliminate nearly 2,000 jobs in its investment banking across Europe, Asia and the US.

Lloyds Banking Group, formerly known as Lloyds TSB Group, has a workforce of nearly 100,000 employees.