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Lloyds Banking Cuts 15,000 Jobs, Pledges Stronger U.K. Focus
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Lloyds Banking Group Plc, Britain’s biggest mortgage lender, will cut 15,000 jobs and reduce costs by an additional 1.5 billion pounds ($2.4 billion) as it withdraws from overseas units and increases its U.K. focus. The shares soared the most in more than a year.
Most of the job losses will come in the U.K. as a result of cuts to management functions and by centralizing some roles, the London-based bank said in a statement. The bank also plans to withdraw from more than 15 of its 30 overseas units.