Lloyds Banking Group set to axe thousands more jobs

| June 13, 2011 | 0 Comments

According to a report in the Sunday Times, banking giant Lloyds is set to axe a further 15,000 jobs, as part of a cost-cutting exercise.

The job losses are expected to be revealed at the end of this month by chief executive, Antonio Horta-Osorio, who assumed the role earlier this year after being poached from Santander.

However, a spokesperson for Lloyds says the 15,000 figure for the job cuts is “pure speculation”.

The banking giant, which is 41% owned by the taxpayer, has axed more than 27,000 jobs since its merger with HBOS at the height of the financial crisis, some of which were due to overlap following the merger.

As a result, the latest round of job cuts would take the total number of job losses to around 43,000.

The job cuts come after Lloyds last week commenced the sale of its 600+ branches and a large part of its mortgage operations after being ordered to sell assets by the European Commission, as a punishment of the billions of pounds in state aid that the bank received at the height of the financial crisis.

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