British bank Lloyds to axe another 200 jobsBritain's state-rescued Lloyds Banking Group on Tuesday said it would cut 200 more positions, bringing the toll to around 7,500 job losses since the start of the year. 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) said the latest jobs to go would disappear in England and Wales England and Wales are both constituent countries of the United Kingdom, that together share a single legal system: English law. Legislatively, England and Wales are treated as a single unit (see State (law)) for the conflict of laws. by January 2010 as it merges insurance operations. LBG, which is 43 percent owned by the taxpayer after a massive government bailout, has slashed thousands of jobs since its creation earlier this year following Lloyds TSB's takeover of rival banking group HBOS HBOS Halifax Bank of Scotland . "LBG has today announced a number of organisational changes in its general insurance division," the bank said in a statement. "The group is combining the support functions of the 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. and HBOS General Insurance division into one integrated business. These include sales, marketing, actuarial and underwriting operations." LBG last week said it would review plans to axe its Cheltenham & Gloucester retail bank branches. LBG had in June announced plans to shut the network of 164 branches with the loss of 928 posts. Lloyds TSB took over HBOS when the latter faced possible collapse with the credit crunch Credit Crunch An economic condition whereby investment capital is difficult to obtain. Banks and investors become weary of lending funds to corporations thereby driving up the price of debt products for borrowers. hitting its ability to raise funds. 
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