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Lloyds Banking Group to cut 9,000 jobs

Staff writer |
Lloyds Banking Group, one of the largest high street banks in Britain, is reported to cut about 9,000 jobs, or 11 percent of its workforce, in the next three years.

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Lloyds will disclose plans for the cuts, which will take place over a three-year period ending December 2017, said Sky News by citing inner sources. And the online banking evolution in Britain is one of the main reasons behind the layoffs.

Britain's mobile and Internet banking is now being used for transactions worth nearly one billion pounds (1.71 billion U.S. dollars) a day, said the British Bankers' Association (BBA) and accounting agency EY in a survey report released in July.

Although the exact number is still being finalized ahead of next week's announcement, the British media's sources confirmed that 9,000 was "the most likely" jobs figure to be outline by the bank.

Lloyds, which is 24 percent owned by the British government, has already axed around 45,000 jobs since the 2008 banking crisis.

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