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Jobs to go, but Lloyds TSB, HBOS deny 40,000 are threatened by merger

By Katie Razzall

Updated on 18 September 2008

Thousands of people will lose their jobs as Lloyds TSB takeover Halifax Bank of Scotland in a deal that will create Britain's biggest bank.

High street branch closures and savings at head office will mean job losses, but the merged bank has denied reports that 40,000 positions are under threat.

After a dramatic run on its share price, HBOS was forced to seek the protection of another bank.

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