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
In an unusual incident, an Airbus operated by Singapore Airlines temporarily lost power on both its Rolls Royce engines during a flight and plunged almost 13,000 feet or 3.96 kilometers. However, pilots managed to save the Airbus through standard operational procedures and it continued on its routine path. Hormel Foods has agreed to buy organic meat products maker Applegate Farms LLC for about $775 million, as consumers increasingly use natural and organic foods in their diet. Set-top box maker TiVo Inc. (TIVO), Tuesday reported a slight drop in profit for the first quarter despite an increase in revenue, as its bottom line was impacted by a one-time interest expense. Nevertheless, both earnings and revenues for the quarter trumped Wall Street estimates, on subscription growth,...
comments powered by Disqus
RELATED NEWS
Trade LYG now with 
Follow RTT