Lloyds Banking Group Plc plans to cut about 1,000 jobs across six businesses as Britain's largest mortgage lender readies a new strategy, Bloomberg News reported Feb. 5.
A spokeswoman told the newswire in an email that Lloyds informed some staff about the job cuts last month and that most of the cutbacks will be from the bank's commercial banking business, community banking, insurance, wealth and risk departments and its chief information office. However, Lloyds may eventually add back 465 jobs, the spokeswoman added.
Further, the spokeswoman said Lloyds will try to give voluntary redundancy offers to employees who will be leaving. "Compulsory redundancies will always be a last resort," she added.
Analysts expect CEO António Horta Osório's new business plan to include more cost reductions and investment in technology, Bloomberg said. As of June 2017-end, Lloyds reportedly had 70,255 employees, down from the 99,000 it had in 2011, the year Horta Osório became CEO.
