Lloyds Banking Group PLC said Wednesday that it will cut 650 jobs after closing an insurance site in the U.K. and shrinking staff in other locations, as it continues to streamline its operations.

The bank also is shutting down its Halifax Independent Agency business, which consists of agencies that offer limited banking services, as opposed to regular branches. Halifax was part of the troubled U.K. mortgage lender HBOS, which Lloyds took over in 2009. Earlier this year the bank said it was closing Halifax's retail banking business in the Republic of Ireland. About 750 jobs were cut then.

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