Lloyds Banking Group is to cut a further 625 jobs – including 300 in Scotland – as it integrates the corporate bank of HBOS, the troubled lender it rescued in October.

Lloyds, which has cut 2,225 jobs so far this year, is to combine the two commercial banks and close HBOS’s Integrated Finance, Joint Ventures and Fund Investments unit to new business.

The integrated finance division pioneered deals in which HBOS issued debt and took equity stakes in the same company.

Financial Times