The Business Times
SUBSCRIBERS

Lloyds to cut 9,000 jobs: source

Published Thu, Oct 23, 2014 · 09:50 PM
Share this article.

London

LLOYDS Banking Group Plc, Britain's largest mortgage provider, is due to announce about 9,000 job cuts next week as its customers shift to online services from physical branches, a person with knowledge of the matter said on Thursday.

The bank will detail the cuts, a target for branch closures and the increasing automation of its services as part of a new three-year plan on Oct 28, when it releases third-quarter results, said the person, who asked not to be identified because the strategy hasn't been finalised. The job cull may be the biggest round of cuts since at least 2011, according to data compiled by Bloomberg. CEO Antonio Horta-Osorio has been seeking ways to bolster earnings to help return Lloyds to full private ownership.

BT is now on Telegram!

For daily updates on weekdays and specially selected content for the weekend. Subscribe to  t.me/BizTimes

Banking & Finance

SUPPORT SOUTH-EAST ASIA'S LEADING FINANCIAL DAILY

Get the latest coverage and full access to all BT premium content.

SUBSCRIBE NOW

Browse corporate subscription here