Business IdeasLloyds to slash 5,000 jobs by next year-end: report
British financial service firm Lloyds Banking Group Plc will slash 5,000 jobs by the end of next year, a media report says.
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"Lloyds Banking Group has announced 5,000 job cuts as the government-backed bank moves to integrate its wide-ranging businesses," the Financial Times said in a report.
The report cited the bank as saying that a large proportion of the job losses are related to temporary positions and those held by contractors and staff working offshore.
The losses would also be mitigated by redeploying staff elsewhere, meaning the net reduction of permanent jobs would be 2,600 by the end of next year, the company said.
Moreover, the majority of the losses of 2,820 jobs would come from its group operations, which include IT, payment services and collections and the remaining cuts would be divided between its insurance and retail businesses.
The layoffs come as a result of integration of HBOS, which Lloyds bought at the height of financial crisis.
The report quoted Lloyds group integration director Mark Fisher as saying, "today marks another important step in bringing our businesses together."
In Lloyds" insurance business, which have been earmarked for sale, 1,190 jobs would go, with about 250 of those being shed through the termination of temporary contracts.