According to a report by Reuters, citing a source with knowledge of the situation, as many as 2,500 jobs are put at risk at Lloyds as part of a shake-up amid renewed cost-cutting efforts.
Britain’s largest high street bank is set to initiate a consultation with personnel in a number of roles, including analysts and product managers.
Employees are to be informed of the process as soon as next week, according to the source.
“We are evolving and transforming our business to ensure we can do more for our customers and deliver the products and services they need,” a spokesperson for Lloyds was quoted as saying by Reuters.
The report comes after it became clear earlier this week Barclays was working on plans to save up to GBP 1 billion, which might result in the elimination of 2,000 jobs.
The shares of Lloyds Banking Group PLC (LLOY) closed 0.31% (0.13 pence) higher at 42.47 pence in London on Friday, as they extended the gain from the previous market session.
The financial group’s total market cap now stands at GBP 26.996 billion.
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