Lloyds Banking Group is to cut jobs in its risk division.

Britain's biggest high street bank, which has a headquarters in Barnwood is getting rid of 175 roles in the division, as reported by The Times.,

The risk division has been seen internally as holding back a big overhaul of the business.

The revamp of the division will include the creation of 130 new roles, with a net loss of 45 jobs.

The banking group's strategy, set out two years ago, is to expand operations into the 'mass affluent' market - customers with more than £75,000. It is also looking to increase business from SMEs.