Business News
Lloyds bank in major job cuts move, foreign closures
Jun 30, 2011, 7:28 GMT
London - Britain's part-nationalized Lloyds banking group on Thursday announced that it will cut a further 15,000 jobs by 2014 to make savings of 1.5 billion pounds (2.4 billion dollars) a year.
The reductions were announced by Antonio Horta-Osorio, the new chief executive of Lloyds, as part of a strategic review. Lloyds plans to close offices in around half of the 30 countries in which it currently operates, the bank said.
The new cuts, expected to hit middle management and bank officials, bring to more than 40,000 the number of job reductions announced by Lloyds since the 2008 credit crisis.
Lloyds, in which the state has a stake of 41 per cent, took over ailing bank HBOS at the height of the crisis, creating a superbank with more than 130,000 employees.
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