Lloyds to cut 5,000 jobs

Lloyds Banking Group, the UK’s largest mortgage provider, announced it will cut 5,000 jobs in its administration, insurance and mortgage sectors, reports Bloomberg.

The bank will fire 2,600 full-time employees and another 1,000 contractors and part-time positions by the end of 2010. It will redeploy or relocate around 1,400 workers, the bank said.

The bank had approximately 129,000 employees in the UK alone at the end of June 2009. It cut 8,000 jobs since January 2009 after its takeover of HBOS Plc.