Lloyds Banking Group To Cut Nearly 400 Jobs

LONDON (AP) — Britain's Lloyds Banking Group PLC says that it will cut just under 400 jobs as part of its ongoing restructuring program.

The bank said in a statement Monday that it will close a customer contact center in Brighton on the south coast of England. Some of the employees will be transferred to other centers, but 373 jobs will be cut.

Lloyds has agreed to shrink its operations in return for receiving 17 billion ($28 billion) pounds of government support.

It has said it plans to cut around 4,300 jobs and transfer another 680 in a series of reorganizational moves in its group operations, insurance and retail divisions. This is in addition to some 6,400 job losses in the first half of the year.