London - Britain's state-rescued Lloyds Banking Group announced on Tuesday that it plans to cut 9,000 jobs by the end of 2017 to slash costs.
“In order to make the Group more efficient, we expect to exit 2017 with a cost:income ratio of around 45 percent and are targeting reductions in each year of the plan,” LBG said in a statement.
“We also anticipate a reduction of 9,000 full time roles by the end of 2017 and plan to make further simplification savings of £1
billion (R17 billion) per annum by the end of 2017.”
LBG will also close about 150 branches over the period.
The bank which remains 25-percent owned by the British taxpayer is cutting its headcount by about one tenth, having already axed tens of thousands of staff since the 2008 financial crisis that triggered a multi-billion-pound state bailout of the lender. - Sapa-AFP