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Lloyds Banking Group to shed 15,000 more jobs
Originally posted by 5corpio
Lloyds Banking Group has said it will cut another 15,000 jobs.
The move comes as part of as part of a strategic review that targets £1.5bn in annual savings by 2014 and marks a withdrawal from international banking.
The High Street lender has already announced 27,500 job losses since its merger with HBOS in 2009. However, the bank said it would not to close any UK branches, implying that the cuts are likely to fall on middle management and back office functions.
Among the promised changes were "better end-to-end processes and IT platforms, a de-layered management structure and simpler legal structure, [and] centralised support functions". "This is a huge shake-up," says the BBC's business editor, Robert Peston, with consequences that "will ripple through the British economy". Among the many changes are plans for the bank to cut the number of suppliers it uses, which will have a knock-on impact on other companies.
'Revitalise Halifax' The strategic review was launched by the bank's new chief executive, Antonio Horta-Osorio, who left Santander's UK business to run Lloyds on 1 March.....Forum News about Antonio Horta-Osorio: allaboutFORUMS - View Single Post - Latest Headline News (Media)
"He wants to do as much of [the job cuts] through redeployment and natural attrition as redundancies, but there are bound to be redundancies," says Robert Peston.
"They want to bring top management closer to branch management - so there's a whole swathe of managers for whom that is incredibly bad news. "The cost-cutting programme itself will cost £2.3bn in total, but is expected to free up about...Read more on this Story: BBC News - Lloyds Banking Group to shed 15,000 more jobs
Forum Previous News about Lloyds job losses: allaboutFORUMS - View Single Post - Latest Headline News (Media)
The move comes as part of as part of a strategic review that targets £1.5bn in annual savings by 2014 and marks a withdrawal from international banking.
The High Street lender has already announced 27,500 job losses since its merger with HBOS in 2009. However, the bank said it would not to close any UK branches, implying that the cuts are likely to fall on middle management and back office functions.
Among the promised changes were "better end-to-end processes and IT platforms, a de-layered management structure and simpler legal structure, [and] centralised support functions". "This is a huge shake-up," says the BBC's business editor, Robert Peston, with consequences that "will ripple through the British economy". Among the many changes are plans for the bank to cut the number of suppliers it uses, which will have a knock-on impact on other companies.
'Revitalise Halifax' The strategic review was launched by the bank's new chief executive, Antonio Horta-Osorio, who left Santander's UK business to run Lloyds on 1 March.....Forum News about Antonio Horta-Osorio: allaboutFORUMS - View Single Post - Latest Headline News (Media)
"He wants to do as much of [the job cuts] through redeployment and natural attrition as redundancies, but there are bound to be redundancies," says Robert Peston.
"They want to bring top management closer to branch management - so there's a whole swathe of managers for whom that is incredibly bad news. "The cost-cutting programme itself will cost £2.3bn in total, but is expected to free up about...Read more on this Story: BBC News - Lloyds Banking Group to shed 15,000 more jobs
Forum Previous News about Lloyds job losses: allaboutFORUMS - View Single Post - Latest Headline News (Media)