UK government trims stake in Lloyds Banking Group

Lloyds Banking Group said on Thursday that the UK government has reduced its stake in the bank to 15.9% from 16.87%, as it moves towards full privatisation.

The finance ministry started selling off its shares in Lloyds in September 2013 and the bank is expected to return to full private ownership by 2016.

On Wednesday, Lloyds announced 700 job cuts across the group, taking the total since 2008 to over 40,000.

The Unite union said the cuts were “another body blow for a workforce who have struggled to bring the bank back into profit”.

Not all 700 staff will be out of a job, as the bank will be creating 65 new roles.