Lloyds axe 700 jobs at UK offices

The finance industry was hit with a pre-Christmas jobs blow today with news of more than 700 job losses.

The Accord trade union said the jobs will go at Lloyds Banking Groups offices in Aylesbury, Buckinghamshire.

Lloyds will move 570 life, pensions and investments administration jobs, while Equitable Life has given notice that its contract with Lloyds for admin services will come to an end in March 2011.

The work will transfer to Indian firm HCL, with the 340 employees carrying out the work being transferred to HCL, which will only retain 100 staff.

The union said the combined decisions will result in more than 700 job losses in Aylesbury by the end of 2011.