State-backed UK bank Lloyds to cut 1,080 jobs

LONDON (Reuters) - State-backed Lloyds Banking Group said on Tuesday it was shedding 1,080 jobs as part of its 2011 plan to deliver 1.5 billion pounds ($2.3 billion) of annual savings by this year.

Lloyds, 33 percent owned by the British taxpayer, said the jobs were going in its retail, risk, operations and commercial banking divisions. It said in 2011 the cost-saving plan would result in 15,000 positions being axed.

The bank, which currently employs around 104,000 people, said a further 310 roles would move to a new company.

Unite, one of the unions which represents workers at Lloyds, said that the bank had shed nearly 35,000 jobs since its 2008 bailout.

The British government sold an initial 6 percent stake in Lloyds in September and the group is expected to return to private ownership within 18 months.

(Reporting by Sarah Young, Editing by Paul Sandle)