700 new jobs at Lloyds

LLOYDS is planning to hire 700 financial advisers as part of its tie-up with fund manager Schroders.

The firms are joining forces in wealth, investment and financial planning as the banking group seeks to become one of the three biggest players in the market.

The unnamed joint venture is expected to launch by the summer. It will pit itself against others in the sector such as St James’s Place and Rathbones.

However, the plans are likely to spark fears that Lloyds could return to the cut-throat culture which sparked the PPI scandal.

Lloyds declined to comment last night.