Lloyds Banking Group Says It Plans to Cut 4,500 Jobs
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Lloyds Banking Group Plc, the U.K.’s biggest mortgage lender, is cutting about 4,500 jobs in its administrative and information technology divisions as it seeks to reduce costs after the acquisition of HBOS Plc two years ago.
The job cuts, which will reduce staff numbers by at least 25 percent at the bank’s IT division, is the result of IT-system integration of the two lenders, the London-based bank said in a statement. The job losses affect about 1,600 U.K.-based permanent staff and about 1,750 offshore contractors.