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Unite, the trade union, has urged bosses to refrain from making compulsory redundancies, reports the Times.
One banker told the newspaper: "There's massive overlap between Lloyds and HBOS. It's going to be unbelievably messy."
Around 72,000 people are employed by HBOS, while Lloyds has a further 70,000 staff on its books.
In 2001, 6,800 jobs were lost when the Royal Bank of Scotland took over National Westminster Bank.
Graham Goddard, deputy general secretary of Unite, commented: "Staff working in financial services must not pay the price for corporate greed."
The merger between Lloyds TSB and HBOS was pushed through when the government relaxed anti-monopoly regulations.
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