Retail banking giant Lloyds Banking Group has announced that it is set to cut an extra 5,000 jobs in the UK.

Although some of the axed roles are of a temporary nature, 2,600 permanent posts are set to be lost.

A year ago, Lloyds TSB merged with Halifax Bank of Scotland (HBOS) to form the Lloyds Banking Group and this round of job losses will cut down on duplication between the two sides of the business.

It is thought that the company’s IT and insurance operations will be most affected.

The job losses are likely result in increased pressure on banking graduate schemes. In the current climate, good careers advice and professional qualifications could provide an extra edge for those seeking banking graduate jobs.

Last week, it was announced that Lloyds would have to sell off significant parts of its UK business in a shake-up of the retail banking sector designed to boost competition.

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