Lloyds to chop 9,000 staff to save more costs
LLOYDS Bank is planning to cut another 9,000 jobs, on top of the 15,000 the lender has chopped since 2011, it emerged last night.
The new round of cost cutting will hit another 10 per cent of the workforce, according to Sky News.
Analysts believe the bank has far too many branches to be efficient.
Under the plan laid out in 2011, chief executive Antonio Horta Osorio agreed to maintain the overall number of branches, and not to close any branch which was the last bank in any individual town. But that agreement runs out at the end of this year, and it is unlikely to be renewed.
The bank has previously revealed that a large number of customers have switched from using the telephone banking service to Lloyds’ online systems. At the same time it has built up its digital division to increase its focus on online banking.
Lloyds has also shed much of its overseas presence, for instance selling off foreign wealth management and insurance businesses.
However, few such operations remain, indicating the job losses are likely to focus on the domestic UK business, which is concentrated in retail and business banking.
The job losses are expected to be announced alongside third quarter results on Tuesday.
Lloyds declined to comment.