LONDON, March 18 (UPI) -- Lloyds Banking Group, headquartered in London, announced plans Thursday for more job cuts.
Antonio Horto-Osorio, the company's chairman, said 570 jobs would be eliminated and another 600 outsourced, The Guardian reported. That includes 450 jobs in its check- and credit-processing division that will be moved immediately to an outsourcing company set up a decade ago by Lloyds TSB, Barclays and Unisys.
Lloyds has cut its staff by 27,000 since it took over HBOS.
David Fleming of Unite, a union representing many Lloyds employees, said management does not appear to recognize its recent profits came from the work of its employees.
The company said the 570 jobs to be eliminated have become redundant because of its merger with HBOS. Officials said they will do their best to avoid layoffs.
