Lloyds to axe another 5,000 jobs

Lloyds Banking Group is to axe thousands of jobs next year in a fresh wave of cuts under plans to reduce costs, sources have said.

Up to 5,000 positions are expected to be cut in the UK in 2010, on top of thousands already slashed this year.

The bank is expected to make an announcement confirming the job losses later on Tuesday.

Several thousand jobs have been cut this year, leaving Lloyds with around 130,000 employees.