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Lloyds revamp to see 15,000 jobs cut

Banking group targets £1.5 billion in savings by 2014

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The Lloyds banking group is to shed 15,000 jobs as it revamps its global operations and targets large-scale cost reductions.

An annual savings figure of £1.5 billion has been set for 2014, with around £2 billion to be invested in its core retail banking unit. Its overseas businesses are to be scaled back.

A statement from the bank on Thursday said: “We expect a reduction of 15,000 roles as a result of the simplification programme over the period.”

Lloyds and Royal Bank of Scotland were bailed out and part-nationalised by the British government during the credit crisis. Taxpayers ended up with a 40.6 percent stake in Lloyds and around 83 percent of RBS.

Close to 27,000 jobs have been cut across the Lloyds Group since its takeover of HBOS in 2008.

Lloyds is being forced by regulators to sell 600 of its retail outlets in the UK, with Richard Branson’s Virgin Money among the financial services companies looking closely at the possibility of buying them.


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