logo
Share SHARE
FONT-SIZE Plus   Neg

Lloyds To Cut 700 UK Jobs: Report

British banking major Lloyds Banking Group Plc (LYG, 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.

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Editors Pick
Shares of thyssenKrupp AG were gaining around 2 percent in the morning trading in Germany after the steel giant Thursday said it expects clearly positive net income and significantly higher adjusted EBIT, a key earnings metric, in fiscal 2018. This was after reporting higher adjusted EBIT, sales and order intake in its fiscal 2017, despite a net loss due to charges. Senator Lisa Murkowski, R-Alaska, has expressed support for repealing Obamacare's individual mandate, a key provision Senate Republicans are hoping to use to offset the cost of their tax reform bill. The Congressional Budget Office estimates repealing the requirement that nearly all Americans purchase... Automotive startup Divergent 3D said that a Chinese-led investment syndicate has agreed to commit up to $107 million in financing through a new investment round. Hong Kong-based investment holding company, O Luxe Holdings Limited, led the investment group, which includes Horizons Ventures, Shanghai Alliance Investment Limited and Altran Technologies.
comments powered by Disqus
Follow RTT