UK's Lloyds Bank Expected to Cut 9000 Jobs

10/30/2014 9:56:32 AM

(MENAFN- Qatar News Agency) London October 23 (QNA) - Lloyds Banking Group in UK is planning to cut around 9000 jobs - around a tenth of its entire workforce - over the next three years.

The announcement is expected to come next Tuesday as part of chief executive Antonio Horta-Osorio's strategic review of the business.

The three-year plan is also expected to include some branch closures according to the (BBC).

The cuts are believed to be in response to the shift of many customers from physical branches to online banking.

More job losses would mark the continuing decline in headcount at the bank since its near-collapse and bailout in 2008 and 2009 at the height of the financial crisis.

Since then it has axed 30000 jobs and announced a further 15000 job cuts as part of a three-year plan in 2011.

The government still holds a 25% stake in the bank but has reduced its holding from about 39% through two separate share sales since September last year.

A reduction in branch numbers is also expected.

Lloyds has already divested itself of more than 630 branches through its flotation of the TSB business earlier this year. (QNA)

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