Lloyds Banking Cuts 550 Jobs in Insurance and Consumer Units

Lloyds Banking Group Plc (LLOY), the U.K.’s biggest mortgage lender, said it’s cutting 550 jobs in its insurance, risk, consumer and corporate banking businesses.

The reductions are part of the 15,000 job losses Chief Executive Officer Antonio Horta-Osorio announced in June 2011, the London-based lender said in a statement today. Employees affected were told today, the company said.

Horta-Osorio, 49, is seeking to strengthen Lloyds’s balance sheet by selling assets, cutting costs and eliminating jobs. Lloyds has cut more than 30,000 positions and closed overseas units to focus on the U.K. since its 20 billion-pound ($30 billion) taxpayer rescue in 2008.

“Where it is necessary for employees to leave the company, it will look to achieve this by offering voluntary redundancy,” the bank said. “Compulsory redundancies will always be a last resort.”

To contact the reporters on this story: Gavin Finch in London at gfinch@bloomberg.net

To contact the editor responsible for this story: Edward Evans at eevans3@bloomberg.net

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