Lloyds Banking Group is set to cut 9,000 jobs over the next three years, amounting to a loss of over ten per cent of its workforce.
An announcement next week will provide more detail on the cuts, which reflect the British bank's move away from consumer-facing services and towards digital banking.
This will coincide with the release of its third-quarter results, which are due to be released on Tuesday.
Insiders informed Sky News that cuts will take place over a three year period ending in December 2017. The exact number is still being finalised, but the bank said 9,000 was the most likely figure.
It has not been made clear who exactly the cuts will affect. Likely candidates include call centre staff, support staff and branch assistants. In addition, targets for branch closures are expected to be announced next week.
"This is about responding to customer behaviour and ensuring that Lloyds is in the right shape for the next 20 years of consumer banking," one insider told Sky.
A spokesperson for Lloyds declined to comment to City A.M., describing the cuts as “speculation”.