- Reduction is part of wider cost plan announced in 2014
- Bank will offer some staff other jobs within company
Lloyds Banking Group Plc, Britain’s largest mortgage provider, plans to eliminate a net 945 jobs across operations, including staff at its branch network, as part of broader cost cuts announced last year.
The cuts are part of a plan to pare about 9,000 jobs by 2017, the London-based bank said on Thursday. The job losses are in divisions such as consumer lending and commercial banking, risk and finance and human resources with the bank seeking to redeploy some people in other roles. Lloyds said it’s creating about 150 new roles.
“Lloyds Banking Group is committed to working through these changes in a careful and sensitive way,” the bank said in the statement. “Compulsory redundancies will always be a last resort.”
Lloyds Chief Executive Officer Antonio Horta-Osorio has been cutting costs by shrinking the branch network and selling assets to help boost profitability and resume dividend payments as the government sells its stake in the bank. Other British lenders including Royal Bank of Scotland Group Plc are also closing outlets as customers increasingly switch to online services.
Lloyds shares have dropped about 4 percent this year.