Lloyds may shed 15,000 jobs as part of far-reaching savings plan

LLOYDS could cut up to 15,000 jobs as part of a new £1bn cost-saving plan.

Whole layers of management could be stripped out of the bank, with hundreds of jobs likely to go at its head office and thousands of posts to be cut across the UK and in its remaining international outposts.

Lloyds, which will announce the conclusions of its strategic review on 30 June, last week said it would axe 300 jobs across its retail, wholesale and wealth units.

It has shed 27,000 jobs over the last two years, as it continues an integration programme following its 2008 takeover of troubled lender HBOS.

Lloyds is due to announce the results of a strategic review later this month, which may outline further cost-saving initiatives and possible asset sales.

Lloyds Chief Executive Antonio Horta-Osorio said last week the strategy review would be “evolutionary rather than revolutionary.”

Lloyds is in the process of selling 632 branches to meet European Union competition rules, but the Independent Commission on Banking has said it should sell “substantially” more.