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British bank Lloyds to cut tenth of workforce

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Lloyds Banking Group is to cut about 9,000 jobs, roughly a tenth of its workforce in the next three years

[LONDON] Lloyds Banking Group is to cut about 9,000 jobs, roughly a tenth of its workforce in the next three years, Sky News reported on Wednesday citing anonymous sources.

A spokesman for the British bank declined to comment, but said that third quarter results and an update on its business strategy would be released on Tuesday.

The bank has pared down its operations and shed thousands of staff since the financial crisis and a £20 billion (US$32 billion, 25 billion euros) bailout in 2008.

It is still 25 per cent owned by the British taxpayer, and was hit with damaging fines earlier this year in the wake of a interbank lending rate-rigging scandal.

Sky News reported that the lender would close bank branches and move to automise customer services. AFP

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