Lloyds said poised to eliminate thousands of jobs

May be the biggest round of cuts since at least 2011.

Lloyds Banking is poised to eliminate thousands of jobs in what may be the biggest round of cuts since at least 2011, a person familiar with the matter said.

Bloomberg News reports that the bank will shut branches as part of efforts to automate its entire business, with job cuts expected in areas such as mortgage processing and new account opening, said the person, who asked not to be identified because the strategy isn’t finalized.

Some people may be able to assume new roles in the revamp instead of losing their jobs, the person said.

Lloyds Chief Executive Officer Antonio Horta-Osorio has been seeking ways to bolster earnings growth to help return the lender to full private ownership. The bank has eliminated more than 37,000 jobs in the aftermath of its government bailout in 2008, according to data compiled by Bloomberg, with some 15,000 cuts announced in 2011 as part of an effort to lower costs by $2.4bn.

The Times reported the plans earlier Monday. Ian Kitts, a London-based spokesman for the lender, declined to comment.

Hit the link below to access the complete Bloomberg news article:

Lloyds Said to Cut Thousands of Jobs as CEO Cuts Costs

Credit Swap Indexes Trade After $17 Trillion Market Overhaul

JefferiesAnd the Best Place to Work in the global financial markets 2018 is...

Register for HITC Business News