04 October 2015

Lloyds set to axe 15,000 more jobs - report

13 June 2011  |  7135 views  |  0 Lloyds web screen shot logo

Lloyds Banking Group is preparing to axe 15,000 jobs under a new £1 billion per year cost savings plan being prepared by top management, according to a report in the Sunday Times.

The broadsheet said the bank is preparing to cut hundreds of jobs at its head offices in London and streamline its international network as part of a strategic review being led by the bank's new boss Antonio Horta-Osorio.

The reports come just days after the bank axed a further 300 jobs, and moved to close one of its call centres in Wales, bringing the total number of job losses at the taxpayer-backed institution to 28,000 since the start of the banking crisis.

Horta-Osorio is set to lay out his plans in a meeting with analysts at the end of the month. The Sunday Times says he is unlikely to put a figure on the number of jobs to be shed, but will instead draw up a series of cost-cutting targets.

Speaking to newswire Reuters, a Lloyds spokesman dismissed the report as 'purely speculative".

Comments: (0)

Comment on this story (membership required)
Log in to receive notifications when someone posts a comment

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board, sign up now.

Related blogs

Create a blog about this story (membership required)

Related stories

09 June, 2011
14 April, 2011
18 March, 2011
13 October, 2010
12 July, 2010
30 June, 2010
11 February, 2010
21 January, 2010
23 November, 2009
12 November, 2009
10 November, 2009
03 November, 2009
25 August, 2009
16 July, 2009
30 June, 2009
03 June, 2009
22 May, 2009

Related company news


Top topics

Most viewed Most shared
More global banks back blockchain collabor...
10051 views comments | 57 tweets | 49 linkedin
Iran joins fintech revolution
7639 views comments | 20 tweets | 5 linkedin
Banks face choice to collaborate or compet...
7403 views comments | 39 tweets | 45 linkedin
Samsung Pay lands in the US
5908 views comments | 25 tweets | 24 linkedin
Worldpay trials facial recognition technol...
5646 views comments | 21 tweets | 38 linkedin

Featured job

up to £95K base, £190K OTE, benefits
London, UK

Find your next job