Breaking News
FONT-SIZE Plus   Neg
Share SHARE

Lloyds To Cut 700 UK Jobs: Report

RELATED NEWS
Trade LYG now with 

British banking major Lloyds Banking Group Plc (LYG: Quote, LLOY.L) will cut 700 jobs in the U.K. as part of its plan to control costs and reduce employee numbers by 15,000, Bloomberg said citing an e-mailed statement from the company.

Lloyds has decided to eliminate the positions in its risk office, which includes security and fraud management, wealth management and administration.

According to the report, nearly 200 of the jobs losses will be in Cardiff and Newport in Wales, 120 in Scotland including 70 in Edinburgh, with the remaining in the U.K.

In June last year, Lloyds announced the outcome of its strategic review and its plans to cut 15,000 middle-level jobs as part of its effort to deliver 1.5 billion pounds of annual savings in 2014. The 41 percent government-owned lender intends to simplify the Group to improve service.

In October, rating agency Moody's Investors Service downgraded the senior debt and deposit ratings of British banks Royal Bank of Scotland Group plc (RBS, RBS.L) and Lloyds Banking Group Plc (LYG, LLOY.L) along with 10 other financial institutions in the UK. The action assumes lower chance of further government support to the banking sector.

In its recent third quarter, Lloyds reported a decline in pre-tax profit, citing weakening UK economic environment and continued competitive markets.

LYG closed Wednesday's regular trading at $1.8 on the NYSE.

LLOY.L ended on Wednesday at 29.59 pence.

Register
To receive FREE breaking news email alerts for Lloyds Banking Group plc and others in your portfolio

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Editors Pick
The U.K. economy grew at a slower pace in the third quarter in the face of rising uncertainty stemming from global economic conditions, preliminary estimates from the Office for National Statistics Office showed Friday. Gross domestic product climbed 0.7 percent from the second quarter, when it grew 0.9 percent. German consumer climate is set to improve slightly in November, ending the downward trend, as income expectations among households strengthened on the back of the strong labor market situation, survey data revealed Friday.The forward-looking consumer confidence index rose slightly to 8.5 in November from 8.4 in October. Software giant Microsoft Corp. said Thursday after the markets closed that its first quarter profit fell 13% from last year, hurt mainly by integration and restructuring costs even as revenue surged 25% thanks to strong sales of its gadgets and cloud-based products. However, the company's quarterly earnings per share came in above analysts' expectations as did its quarterly revenue.
comments powered by Disqus
FREE Newsletters, Analysis & Alerts

 

Stay informed with our FREE daily Newsletters and real-time breaking News Alerts. Sign up to receive the latest information on business news, health, technology, biotech, market analysis, currency trading and more.