Lloyds to drop Clerical brand, cut over 300 jobs - report

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LONDON, April 30 | Thu Apr 30, 2009 2:48am BST

LONDON, April 30 (Reuters) - British bank Lloyds Banking Group (LLOY.L) said it will cut 305 jobs as it merges its Scottish Widows and Clerical Medical units, according to UK media reports.

Lloyds will phase out the Clerical brand for new business as it merges the sales forces of its life insurance and investment businesses.

The merger follows Lloyds' takeover of HBOS, the owner of Clerical Medical.

Under its plan, Lloyds said pension products will be provided by Scottish Widows, while onshore and offshore investment products will be provided by Clerical Medical.

Lloyds appointed Deutsche Bank (DBKGn.DE) at the end of March to review its insurance operations, including a possible sale, according to a person familiar with the matter. [ID:nLU629727]

The company was not available for comment.

(Reporting by Lorraine Turner)

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