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Lloyds Banking Reportedly Plans Around 1,000 Job Cuts

Lloyds Banking Group Plc (LLOY.L,LYG) is eliminating around 1,000 jobs across six businesses as Chief Executive Officer Antonio Horta-Osorio prepares a fresh strategic plan for Britain's largest mortgage lender, Bloomberg reported

The lender informed some staff last month and the majority of the cutbacks will take place across commercial banking, its chief information office, risk, community banking, insurance and wealth, a spokeswoman reportedly said. The bank also eventually plans to add back 465 roles across its businesses.

Lloyds's annual earnings and details of the three-year plan are scheduled for February 21.

by RTTNews Staff Writer

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