Lloyds Banking Group to slash thousands of jobs, report says

Renae Dyer WebFG News | 06 Oct, 2014 13:02 - Updated: 13:45 | | |

lloyds
  • 65.72
  • -0.27%-0.18
  • Max: 66.02
  • Min: 65.46
  • Volume: 58,796,424
  • MM 200 : n/a
17:20 23/11/17
  • 7,417.24
  • -0.02%-1.78
  • Max: 7,422.73
  • Min: 7,373.31
  • Volume: 0
  • MM 200 : n/a
17:25 23/11/17

Lloyds Banking Group is set to slash thousands of jobs as the UK lender closes more branches in response to the advance of digitisation.

The bank is expected to axe positions in areas such as new account opening and mortgage processing, The Times reported, as the bank computerises manually completed work to reduce costs.

It is part of the firm’s digital strategy under a three-year plan due to be revealed in third-quarter financial results on 28 October.

A digital division at the bank was formed last year ahead of the revamp, which is expected to cost several billions of pounds in the next couple of years.

In other news at the lender, customers living abroad with an eSavings account have been told they will be unable to switch to a different savings account due to a clause that requires them to have a British address.

The rate on the eSavings account will drop from 1% to 0.55% on 28 October.

Lloyds is also stopping overseas customers from opening current accounts, such as its "Club” account, which pays 4% interest on balances between £4,000 and £5,000.

The bank has already cut thousands of jobs in a drive to focus its resources in the UK and to scale back the number of countries in which it operated, although a spokesman declined to comment on the latest report.

More news

07:27 Provident Financial chairwoman Manjit Wolstenholme dies

Manjit Wolstenholme, the executive chairman of Provident Financial and former investment banking chief at Dresdner Kleinwort Wasserstein, has died.

23 Nov Sector movers: Centrica, China sink utilities and banks

Defensive areas of the market performed best on Thursday, aside from utilities that is, as shares of Centrica crumbled.

23 Nov Morgan Stanley reaffirms 'buy' on ITV

Analysts at Morgan Stanley stuck by their 'buy' recommendation on shares of ITV and 230p target price, pointing to nine different factors to back up their investment thesis.

23 Nov Europe close: Stocks finish near highs, China woes and euro gains weigh on German shares

Stocks finished near their best levels of the day, having mounted a comeback following early weakness that was attributed to an overnight drop in Chinese equities on the heels of continued upwards pressure on bond yields in the Asian giant.

23 Nov Europe midday: German political progress and strong PMIs offset drop in Chinese stocks

Stocks are mounting a comeback following early weakness that some market commentary is attributing to an overnight drop in Chinese equities on the heels of continued upwards pressure on bond yields in the Asian giant.

23 Nov South African Reserve Bank pauses interest rates ahead of debt rating decision

South Africa's central bank opted to leave interest rates on hold on Thursday, but the country is still facing several hurdles on Friday when several key ratings agencies are set to choose whether to downgrade the country's debt.

23 Nov Canadian retail sales held back by declines in vehicles and clothing

Recently collated data from Statistics Canada revealed a significantly lower than expected rise in Canadian retail sales in September, as gains from higher gasoline prices were offset by declines in sales of vehicles and clothing.

23 Nov Greencoat Renewables announces maiden dividend of 2.61 euro cents

Between 15 February and 30 September, renewable infrastructure company Greencoat Renewables's portfolio, made up of wind farms that listed on the Irish and London Stock Exchanges in July of 2017, generated 107.7GWh of electricity, which was 3% above budget for the period.

23 Nov Belgian business confidence rises above forecasts in November

Business confidence in Belgium rose more than expected in November, led by a sharp improvement in sentiment in busines-related services and construction.

23 Nov Commodities: weaker dollar helps gold stay put

The greenback weakened against a basket of currencies on Thursday with the dollar index dropping 0.11% to 93.117 by 1715 GMT, it's lowest level in more than a month.