British bank Lloyds cuts 4,500 jobs

Britain's state-rescued Lloyds Banking Group said Wednesday that it will axe another 4,500 jobs, including 1,750 posts abroad, as the crisis-hit lender continues its painful restructuring. "The group will be reducing the number of roles in group IT and operations by 2012," said a statement from LBG, which is 41-percent owned by the government after a massive bailout at the height of the financial crisis.
"In total, 1,600 permanent roles will be affected across the UK. The group is also continuing to reduce its use of temporary and contractor staff.