4 Financial Stock Stories for Midweek Attention

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Lloyds Banking Group (NYSE:LYG): Current price $3.31

Lloyds reported on Wednesday that it was slashing 940 jobs, which brings the total amount eliminated since its ill-fated takeover of HBOS in 2009 to in excess of 31,000. The firm also said that the move is a part of the reductions previously announced in its strategic review and that the jobs lost would occur in its wealth, insurance, operations, retail, international and commercial divisions. In June 2011, Lloyds has said that it would save £1.5 billion pounds by letting 15,000 of its staff go. In reaction, the British trade union Unite commented in a statement that, ”It is a complete disgrace that the bank, which is 41 percent owned by the taxpayer, continues to cut jobs in such a cavalier way.”

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