Lloyds to cut 1,000 British jobs

Lloyds Banking Group, the part-nationalised financial services giant, has confirmed plans to cut almost 1,000 UK jobs at its motor finance division as it moves to save costs by combining sales forces.

The bank, formed out of the merger of Lloyds TSB and HBOS last year, will cut 985 full and part-time jobs over the next two years. The merged group is the biggest provider of car finance in the UK, both to individuals and dealers.