Lloyds Share News (LLOY)

Banking chiefs at Lloyds have been busy bees today, raising £9bn from a bond swap and sacking 800 staff to take the total number of job losses since the merger with HBOS to way over 15,000. The lender confirmed that 570 jobs at the life, pensions and investments administration centre in Aylesbury, Buckinghamshire, will go as it switches roles to Edinburgh and Bristol. Another 200 are at risk because Equitable Life has decided to scrap its contract with Lloyds from March 2011. The work will be transferred to Indian outfit HCL, which only wants to keep 100 of the 340 Lloyds staff assigned to the Equitable job.Only last week, state-controlled Lloyds said it was axing 5,000 jobs, mostly at its insurance, retail mortgage and back office functions where 2,600 permanent jobs will go alongside temporary and contracting positions. Lloyds has now got rid of more than 15,000 workers since its merger with HBOS is January, but analysts expect the blood letting to continue."Today's announcements are a body-blow for the workforce and for Aylesbury, particularly as the Lloyds Banking Group is the largest private sector employer in the town," said general secretary of Accord, Ged Nichols."We are currently seeking legal advice about the proposed transfer of staff. We will have a team on site in Aylesbury with members this week to gauge their reactions and determine what other steps may need to be taken."Equitable Life expects to save £8m in the first full year of the HCL deal, which will run for at least 30 years, and be able to reduce its provision for future costs by more than £100m.Chief executive, Chris Wiscarson, said: "I very much regret the concern, uncertainty and disruption these changes will cause for many people in Aylesbury. We will keep those people fully informed and supported over the next 15 months to help them plan for their future as effectively as possible."