The financial sector suffered a further employment blow after Lloyds Banking Group confirmed it is to merge the sales forces of its life insurance and investment businesses Scottish Widows and Clerical Medical.

The bank said it would cut 305 jobs and phase out the brand Clerical Medical for new business as part of the restructuring. The planned redundancies come on top of the 985 announced last week in its motor finance division. Staff were informed of the cuts yesterday, although they are not due to be introduced until July.

Daily Telegraph