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STOCKS FOCUS: HBOS
Sunday Herald, The, Aug 17, 2008
HBOS revealed plans to axe more than 400 jobs in an overhaul of its mortgage services and IT division. Earlier this summer, the Scottish banking giant announced 650 job losses in its business banking divisions. HBOS will close its TMB mortgage brand to new business and streamline its Intelligent Finance division by closing down its credit card, current account and personal loan operations, offering offset mortgage products only.
The bank said that jobs will go through redeployment, voluntary severance and normal turnover. Shares closed at 303p.
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