Lloyds to cut 1,000 jobs

26 November 2015

Lloyds-Banking-Group-001 Lloyds Banking Group are going to cut another 1,000 jobs today, which include those who work in the branches. These cuts are part of a larger target of 9,000, which was announced around a year ago. Before this week, 2,360 of the 9,000 job reductions have been lost, and Lloyds are looking at completing the grim task by 2017.

This news follows Chancellor George Osborne saying that the government plans to offer billions of pounds of discounted Lloyds shares to investors in 2016, which is no use to those getting their P45s just before Christmas.

The government had a 43% stake in the bank, but have managed to reduce that to 10% (or just shy of). They've raised £16bn in the process, which is still short of the original £20.5bn injection at the moment. What isn't helping Lloyds, is that they have put aside £14bn for their part in the mis-selling of payment protection insurance (PPI), but that's their own stupid fault for being snide.

There's still going to be some branch closures, which means Lloyds are looking at getting more of their customers involved with their digital banking arm. They have 5 million mobile banking customers, which is a number that's only going to grow.

Lloyds are looking at closing banks in urban areas, where they already have a number of outlets.

TOPICS:   Banking   Investments

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