23rd October 2014
Lloyds Banking Group is reportedly planning to axe some 9,000 jobs – around 10% of its entire workforce over the coming three years.
According to BBC News, details of the group’s plans, are expected to arrive next Tuesday when Lloyd’s chief executive Antonio Horta-Osorio’s delivers his strategic review of the business alongside the bank’s latest financial results.
The BBC understands that some branches will face closure as a result of more of its customer base moving from physical to online banking.
Since the bank’s taxpayer bailout during the height of the financial crisis, Lloyds has already cut its headcount by some 30,000, and in 2011 it unveiled a further 15,000 job cuts as part of a three-year strategy.
UK taxpayers still hold a 25% stake in the bank, down from 39% following two share sales over the past year.
Lloyds offloaded more than 630 branches through its flotation of the TSB business earlier this year and it presently operates over 2,000 branches via its Lloyds Bank, Bank of Scotland, and Halifax brands.