Lloyds to cut 1000 jobs

Citing a emailed statement from a company spokeswoman a its source, Bloomberg News said the bank cut some staff last month and the majority of the cutbacks will take place across its commercial banking, chief information office, risk, community banking, insurance and wealth divisions.

“Where it is necessary for employees to leave the company, we will look to achieve this by offering voluntary redundancy,” said the spokeswoman in her email statement to the news agency.

“Compulsory redundancies will always be a last resort,” the spokeswoman added.

The bank also eventually plans to add back 465 roles across its businesses, the spokesperson said.

Lloyds’s annual earnings and details of the three-year plan are scheduled for 21 February.

Analysts expect chief executive Antonio Horta-Osorio’s new strategy to feature more cost reductions and investment in technology as customers move online.

The lender said in November that it will be closing branches under the Halifax, Bank of Scotland and Lloyds brands in 2018.

Shares in the bank closed at 68.11 pence, down 0.9 per cent.