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Lloyds to cut 15,000 more jobs
Lloyds unveiled plans to cut 15,000 jobs, reduce costs and sell assets in a strategy review aimed at boosting the fortunes of the bank which had to be part-nationalised during the credit crisis.
“We expect a reduction of 15,000 roles as a result of the simplification programme over the period,” Lloyds said in a statement.
The British bank said it expected to deliver £1.5bn of annual savings in 2014, which would allow it to invest an extra 2 billion pounds in its core retail banking activities.
It would also cut back its overseas presence.
Lloyds and Royal Bank of Scotland were bailed out and part-nationalised by the British government during the credit crisis. Britain ended up with a 40.6 per cent stake in Lloyds and around 83 per cent of RBS.