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Lloyds To Axe 15,000 Employees
Lloyds Banking Group will lay off 15,000 employees by 2014.
Lloyds Banking Group will lay off 15,000 employees by 2014, The Wall Street Journal reports. The group is looking to reduce annual costs by £1.5 billion in the next three years by decreasing its presence in nearly 30 countries to only 15.
Additionally, the bank will improve processes and technology, reducing management layers and centralize support functions. The savings will help the bank invest an extra £2 billion to grow its core operations in its retail banks Lloyds TSB, Halifax, Bank of Scotland and insurer Scottish Widows.
Click here for the story from The Wall Street Journal.
Click here for additional coverage from Bloomberg.