Lloyds cuts 1,390 jobs as part of revamp

State-backed Lloyds Banking Group is shedding nearly 1,400 jobs as part of an overhaul aimed at returning it to the private sector.Lloyds, which is 33%-owned by the British taxpayer following its bailout in the financial crisis, said 1,080 jobs would go in its retail, risk and commercial banking arms.The cuts are part of the 15,000 job losses announced in a strategic review in 2011, designed to put the bank back on track for profitability and in line with a UK government objective of returning it to private ownership.The bank, which employs around 104,000 people, said another 310 information technology roles would move to a new company.Unite, whose members include many staff at Lloyds, said the bank had cut nearly 35,000 jobs since its 2008 bailout.The government sold a 6% stake in Lloyds in September and it is set to return to private ownership within 18 months.PW