Lloyds to Eliminate 700 U.K. Jobs as Part of Cost Control Plan
January 18, 2012, 12:41 PM ESTBy Howard Mustoe
Jan. 18 (Bloomberg) -- Lloyds Banking Group Plc, the U.K.’s biggest mortgage lender, will cut 700 jobs in the U.K. as part of its plan to control costs and reduce employee numbers by 15,000.
Roles will be eliminated in its risk office, which includes security and fraud management, wealth management and administration, the London-based lender said in an e-mailed statement today.
The bank said in June it would cut 15,000 jobs to help reduce expenses by 1.5 billion pounds ($2.3 billion). The reductions are in addition to 27,000 roles removed by the 41 percent government-owned lender since its acquisition of HBOS Plc in 2008. The takeover forced the bank to seek a bailout of more than 20 billion pounds during the financial crisis.
About 200 of the jobs losses announced today will be in Cardiff and Newport in Wales, 120 in Scotland including 70 in Edinburgh, with the rest throughout the U.K., the lender said. Employees were told today, as were their unions, the company said. Compulsory redundancies will be a “last resort,” the Lloyds said.
--Editors: Jon Menon, Edward Evans
To contact the reporter on this story: Howard Mustoe in London at hmustoe@bloomberg.net.
To contact the editor responsible for this story: Edward Evans at eevans3@bloomberg.net
