British bank Lloyds says to cut 5,000 jobsBritain's state-controlled Lloyds Banking This article is about the British high street bank. For the insurance underwriters, see Lloyds of London. For Christopher Lloyd, the American rapper, see Lloyd Banks. Not to be confused with Lloyd's Register. Group is to cut 5,000 roles by the end of 2010, it said on Tuesday, confirming earlier media reports. "LBG LBG Local BEST (Board of European Students of Technology) Group LBG Locust Bean Gum LBG Lyman break galaxy LBG Louis Berger Group, Inc. LBG Linde, Buzo, and Gray (vector quantization method) is announcing today a number of changes within its group operations, insurance and retail divisions," the company said in a statement. "These changes mean that the total number of affected roles by the end of 2010 is expected to be about 5,000." Lloyds said it hoped to focus on cutting temporary staff, contractors and offshore workers, while redeploying some British personnel. "Taking these mitigating mit·i·gate v. mit·i·gat·ed, mit·i·gat·ing, mit·i·gates v.tr. To moderate (a quality or condition) in force or intensity; alleviate. See Synonyms at relieve. v.intr. To become milder. actions into account means there will be a net reduction of about 2,600 permanent jobs across the UK by the end of 2010," it added. The British government has a 43-percent stake in Lloyds Banking Group after bailing out the company in the wake of the fierce global financial crisis. LBG, created in January when Lloyds TSB Lloyds TSB Group plc (LSE: LLOY) is a banking and insurance group in the United Kingdom. It was formed in 1995 by the merger of Lloyds Bank and the Trustee Savings Bank (TSB). The Group's head office is at 25 Gresham Street, London. bought rival lender HBOS HBOS Halifax Bank of Scotland in a state-brokered deal, has now axed about 13,000 jobs since the start of 2009. 
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