Lloyds Banking Group PLC (LON:LLOY) and Direct Line Insurance Group PLC (LON:DLG) are to axe hundreds of jobs.

The FTSE 100-listed bank has informed its staff that 780 full-time workers will lose their post.

READ: Lloyds capital outlook “bodes well for dividends” say analysts

Workers union Unite said this latest round of cuts is “deeply alarming” and “ yet more evidence of the bank’s profits over people culture”.

Similarly, insurer Direct Line will sack 800 staff or 7% of its workforce, Sky News reported.

One of its sites may face closure in 2022, another will be “significantly” downsized while employees at its headquarters will engage in “agile working”.

Shares in both companies were flat on Wednesday afternoon.

Lloyds was changing hands at 51.82p, while Direct Line’s stock was worth 318p.