Lloyds Banking Group is set to cut a further 15,000 jobs once a strategy review of the bank is published by chief executive Antonio Horta-Osorio at the end of this month.
The bank has already slashed 28,000 jobs since the ill-fated merger with HBOS and the further job cuts likely to be announced once the review is published will bring the total to 43,000. On Friday, Lloyds announced 300 jobs are to be lost as a result of the closure of a call centre in Wales.
This latest round of job cuts, designed to help try and save £1 billion is thought to various levels of management, as well as reducing the firm’s international operations. It currently operates in 30 countries, but this number could be stripped down.
The bailout process saw the European Commission force Lloyds into shedding 632 branches, with whisperings that the Independent Commission on Banking might tell the bank to go further. However it is widely understood that that the Treasury will be keeping a close eye on proceedings and pushing to make sure that the ICB are pragmatic with their approach rather than demanding further mass closures.
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