HBoS sheds 650 jobs

UP to 650 jobs are being cut at Halifax Bank of Scotland as part of plans to merge two of its business banking divisions, it was announced today.

The Edinburgh-based bank - Britain's fifth largest - said the roles would go across its UK offices over the next 18 months.

It is merging its 1,000-strong Business Banking arm, which sits in the group's retail division, with the group's Commercial Business in the corporate division to create one single unit focused on small and medium-sized businesses.