26th Nov 2023 09:49
(Alliance News) - Lloyds Banking Group PLC is putting 2,500 jobs at risk as part of cost-cutting plans, Reuters reported on Friday.
According to a Reuters source, Lloyds will begin consulting with staff in a number of roles. Reuters reported that it is not clear how many roles will eventually be chopped.
Reuters added that staff could be informed of the process as early as next week. The plan could also see around 120 jobs created.
https://www.reuters.com/business/finance/more-than-2500-jobs-risk-lloyds-shakeup-guardian-2023-11-24/
On Friday, Reuters reported Barclays PLC is working on restructuring plans that could involve cutting as many as 2,000 jobs to save GBP1 billion.
The job cuts would be mostly in the London-based bank's back office, Reuters said, citing "a person with direct knowledge of the proposals".
Barclays Chief Executive CS Venkatakrishnan is reviewing proposals to boost profit, the person said. If implemented in full, from 1,500 to 2,000 jobs could be cut.
By Eric Cunha, Alliance News news editor
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