It has been reported overnight that Lloyds Banking Group (LBG) is looking to reduce its workforce by around 9,000 jobs over the next three years.
This equates around a tenth of LBG’s total workforce.
It is expected that António Horta-Osório, chief executive officer of Lloyds Banking Group, will next week unveil his strategic plan for the group over the next three years.
Since the onset of the credit crunch in 2008 and its takeover of HBOS, the group has shed 30,000 jobs.
In 2011 Horta-Osório announced a further 15,000 job cuts as part of another three-year plan.