By Andrew MacAskill and Jon Menon
June 30 (Bloomberg) -- Lloyds Banking Group Plc, Britain’s biggest mortgage lender, plans to cut about 2,100 jobs at its Group Operations and Wholesale units, bringing the total number of positions the bank has eliminated since April to over 7,650.
The company will cut about 1,400 jobs in Group Operations and 700 positions in wholesale banking, all of which are in the U.K., the London-based bank said today in a statement. About 700 jobs will also go through “natural attrition” and 350 new positions will be created at the wholesale unit.
Chief Executive Officer Eric Daniels pledged to lower costs after the acquisition of HBOS Plc in January created a bank with more than 3,000 branches and a 28 percent share of Britain’s mortgage market. Lloyds, 43 percent government-owned, is seeking to save more than 1.5 billion pounds ($2.5 billion) by 2011.
“We understand that this difficult news will be unsettling and we will be working closely with those colleagues affected,” Mark Fisher, director of Group Operations, said in the statement.
To contact the reporter on this story: Andrew MacAskill in London at amacaskill@bloomberg.net
Last Updated: June 30, 2009 07:39 EDT
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