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Lloyds Banking Group to shed 15,000 jobs in major shake-up
Published in Saudi Press Agency on 30 - 06 - 2011

Britain's part-nationalized Lloyds Banking Group is
to curtail foreign operations and cut 15,000 jobs over the next three
years in a drastic streamlining programme aimed at annual savings of
of 1.5 billion pounds (2.4 billion dollars), dpa reported.
The job cuts and shrinkage, among the biggest in British banking
history, were announced by Antonio Horta-Osorio, the new chief
executive of Lloyds, as part of a strategic review.
Lloyds plans to close offices in around half of the 30 countries
in which it currently operates and will become a "much more
UK-focused bank," the announcement said.
The redundancies, expected to hit middle management and bank
offices, bring to more than 40,000 the number of job reductions
announced by Lloyds since the 2008 credit crisis.
Lloyds, in which the state has a stake of 41 per cent, took over
ailing bank HBOS at the height of the crisis, creating a superbank
with more than 130,000 employees.
The emergency merger was forced through by the previous Labour
government of Gordon Brown to prevent the collapse of HBOS, the
Halifax Bank of Scotland.
Banking analysts said Thursday that the drastic restructuring
programme carried out by Horta-Osorio, a high-profile Portuguese
banker who became Lloyds chief executive in March, is a long-term
result of the takeover.
Under a directive of the European Commission, the banking group
was asked to sell off 600 branches following the merger, in order to
comply with competition regulations.
Lloyds, Britain's biggest retail bank, said it returned to the
black for the first time in 2010, when it reported a pre-tax profit
of 2.2 billion pounds.
The banking group said that it hoped to make the majority of the
cuts through "natural attrition and redeployment," as well as
redundancies.
Horta-Osorio, a former head of Spanish bank's Santander operations
in Britain, oversaw much of Santander's expansion in Britain, where
it took over a string of former building societies and bought more
than 300 branches of the Royal Bank of Scotland.
Lloyds said the restructuring is aimed at returning the group to
profitability on a "sustainable basis" and to "revitalize" the
Halifax brand.
Lloyd's shares jumped by 7 per cent on the news on the London
stock market Thursday.


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