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Report: Lloyds moves to cut costs with commercial bank overhaul

Lloyds Banking Group PLC is restructuring its commercial banking division and will eliminate several senior management roles to cut costs, Bloomberg News reported Sept. 3, citing people with knowledge of the company's plans.

The restructure will see the mid-markets unit merged into global corporates, reducing four segments to three, the sources told the news agency.

David Oldfield, head of the commercial banking division, is leading the process, the people said, adding that some directors had already left.