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
Low-cost airline Allegiant Air announced its order for brand-new aircraft for the first time in its history. The carrier announced on Friday it had reached a deal to purchase 12 current-generation models of Airbus' A320 narrow-body jets. The company termed the deal as "another step towards Allegiant's... Los Angeles City officials have filed criminal charges against Soylent CEO Robert Rhinehart for placing a bright red shipping container on Montecito Heights hillside as part of his "experiment in sustainable living." City Attorney Mike Feuer Friday announced that his office has filed multiple criminal... A new study says that if Hillary Clinton is elected then her proposals will strengthen the U.S. economy and create millions of jobs. According to Moody's Analytics, Hillary Clinton's economic proposal would oversee a "somewhat stronger U.S. economy." The conclusion was reached after assessing her...
comments powered by Disqus
Follow RTT