According to a recent report, Lloyds Banking Group has declared that closures and streamlining will result in reduction of 650 jobs.

There will be closure of its insurance office in Nottingham and in the course of its reduction of operations there will be many job losses. The move will have an impact on around 1,850 workers.

However, the partly nationalized bank has revealed that the number of permanent job losses will be reduced to 650 due to redeployment.

The bank has also announced its plans to close a network of 265 Halifax-branded counters, which are based within the Companies like estate agencies and solicitors.

The bank’s decision will however, not affect the people who are not directly connected to the banks.

Since the beginning of 2009, the bank has done away with around 17,000 posts. The bank is looking forward to save a sum of £2 billion, this year.

Unite, a Trade union said that the range of reductions is “extreme”. National Officer of Unite, Cath Speight, disclosed that the bank is owned by taxpayers and therefore it should concentrate on retaining the meticulous staff, that has rendered good service to the bank over the previous 18 thorny months.