Lloyds Banking Group has announced fresh job cuts affecting 535 staff as part of its restructuring process.

The axed posts will mostly be at one of the firm’s customer centres located in Brighton which will be closed next year.

While 162 of the staff will be redeployed, there will be a net reduction of around 373 jobs.

Although the posts affected are not banking graduate jobs, the move is a good indication of how tough the market for jobs in the financial services sector as a whole is at the moment.

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David Nicholson, head of the banking group’s retail division said: "As part of our integration process, we have reviewed our contact centre sites to ensure that we are operating in the best possible way. We recognise that this is difficult news for our affected colleagues.

Lloyds Banking Group was formed earlier this year when Lloyds TSB took over Halifax Bank of Scotland (HBOS), and there have been thousands of job losses as the new entity slims down its operations.

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