Lloyds to cut 15,000 jobs in strategy revamp

Reuters

LONDON (Reuters) - Lloyds <LLOY.L> unveiled plans to cut 15,000 jobs, reduce costs and sell assets in a strategy review aimed at boosting the fortunes of the bank which had to be part-nationalized during the credit crisis.

"We expect a reduction of 15,000 roles as a result of the simplification program over the period," Lloyds said in a statement on Thursday.

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The British bank said it expected to deliver some 1.5 billion pounds of annual savings in 2014, which would allow it to invest an extra 2 billion pounds in its core retail banking activities.

It would also cut back its overseas presence.

Lloyds and Royal Bank of Scotland <RBS.L> were bailed out and part-nationalized by the British government during the credit crisis. Britain ended up with a 40.6 percent stake in Lloyds and around 83 percent of RBS.

Lloyds shares closed up 1.1 percent at 44.66 pence on Wednesday.

(Reporting by Sudip Kar-Gupta; editing by Paul Hoskins)