Job losses at Lloyds Banking Group

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Lloyds Banking Group is to cut 305 jobs as it combines sales forces across its life assurance operations and drops the Clerical Medical brand for new business.

Lloyds is to merge the sales force of Scottish Widows, which deals with intermediaries, with that of Clerical Medical, which it acquired when it took over HBOS earlier this year.

Lloyds said that Clerical Medical brand will over time be no longer be used for new business, although there will be no change for existing customers.

As a result of the integration, up to 190 jobs will go from its sales force and a further 115 jobs at risk in customer services.

Separately 20 new roles have been created nationally to strengthen the existing employee benefits consultancy sales team.

Lloyds said it would look to achieve the reductions by less use of contractors and voluntary severance with compulsory redundancies as a last resort.

Last week Lloyds said 985 full and part-time posts from its motor finance business would be axed over the next two years.

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