Britain’s
largest mortgage provider, will announce about 9,000 job cuts
next week as its customers increasingly shift to online services
from branches, a person with knowledge of the matter said.
The bank will detail the cuts, a target for branch closures and the increasing automation of its services as part of a new three-year plan on Oct. 28, when it releases third-quarter results, said the person, who asked not to be identified because the strategy hasn’t been finalized.
Chief Executive Officer Antonio Horta-Osorio, 50, has been seeking ways to bolster earnings to help return Lloyds to full private ownership and resume dividends. The bank, which has about 88,000 full-time employees, has eliminated more than 37,000 jobs since its government bailout in 2008, with the latest plans shaping up as the biggest round of cuts since at least 2011, according to data compiled by Bloomberg.
Read more: Lloyds Said to Cut 9,000 Jobs Amid Online Banking Shift - Bloomberg
The bank will detail the cuts, a target for branch closures and the increasing automation of its services as part of a new three-year plan on Oct. 28, when it releases third-quarter results, said the person, who asked not to be identified because the strategy hasn’t been finalized.
Chief Executive Officer Antonio Horta-Osorio, 50, has been seeking ways to bolster earnings to help return Lloyds to full private ownership and resume dividends. The bank, which has about 88,000 full-time employees, has eliminated more than 37,000 jobs since its government bailout in 2008, with the latest plans shaping up as the biggest round of cuts since at least 2011, according to data compiled by Bloomberg.
Read more: Lloyds Said to Cut 9,000 Jobs Amid Online Banking Shift - Bloomberg
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