Lloyds Bank confirms 9,000 job losses and branch closures

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lloyds bank

Lloyd Banking Group’s extra job cuts will bring the total to 52 000 since 2008.

The state-owned bank wants to save money and for this, it is obligated to close a lot of jobs to secure its development. The British bank wants to follow its strategic objectives to concentrate on the digital technology. Their needs require the closure of 150 agencies. The state, being still a minority shareholder at 25%, wants to economise 1 billon each years by 2017.

The bank wants to simplify the business and be more efficient. The new strategic objectives for meeting the rapidly-changing needs of their customers.

The bank says it will be closing 200 branches but opening 50 new ones, bringing the net closure figure to 150 – about 7% of its network of 2,250.

“The group is performing strongly,” said chief executive Antonio Horta-Osorio.

“We have met or exceeded the strategic objectives set out in 2011 and are ready to move on to the next stage in our development.”

The group is also going to fund additional 900 M£ to face up the potential costs of compensation of customers to whom had been sold the products of insurance credits in litigious conditions, carrying the amount of reserves in this file in more than 11 Mds£.

By Léonard Barbier, IEJ 3E

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