11th Jul 2016 05:53
LONDON (Alliance News) - Lloyds Banking Group PLC is understood to be accelerating a restructuring plan in order to cut more costs, which could lead to further job losses and branch closures, the Financial Times reported.
The lender unveiled a plan in October 2014 to cut GBP1.0 billion a year from its cost base by the end of 2017, which would involve 9,000 jobs going and 200 branches shutting.
Lloyds, according to senior bankers briefed on the plans, is now accelerating those plans and is targeting another 20% in savings by the end of 2017, which would increase its annualised cost savings to GBP1.2 billion.
https://next.ft.com/content/8be8561e-468e-11e6-8d68-72e9211e86ab
By Sam Unsted; [email protected]; @SamUAtAlliance
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