Lloyds Said to Announce Plans Thursday for 1,000 Job Cuts

  • Reduction is said to be part of wider plan announced in 2014
  • Bank said to offer some staff other jobs within company

Lloyds Banking Group Plc on Thursday will disclose plans to eliminate 1,000 jobs across operations, including staff at its branch network, as part of broader cost cuts announced last year, a person with knowledge of the matter said.

The cuts are part of a plan to pare about 9,000 jobs, close branches and save 1 billion pounds ($1.5 billion) by 2017, the person said, asking not to be identified because the matter is private. Some of the employees will be offered new jobs within the company, the person said.

A spokesman for Lloyds in London declined to comment. Sky News reported the planned cuts earlier Wednesday.

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