Bank targets €1.89bn in cost savings from merger

Fears over job security at banking giants HBOS and Lloyds TSB mounted today after cost-cutting targets from their merger were hiked to more than £1.5bn (€1.89bn).

Lloyds said it now hoped to find an extra £500m (€631m) from the combined cost base after its takeover of HBOS, fuelling concerns of swingeing jobs cuts.