CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 69% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
Open account
☰
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 69% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
Open account
✖

Lloyds could axe 9 000 jobs in the next three years

Article By: ,  Financial Analyst
October 23, 2014 5:15 PM

Lloyds Banking Group is allegedly preparing to announce up to 9,000 job cuts as part of a three-year plan, which is also expected to include some branch closures. The group currently operates more than 2,000 branches across the country through its Lloyds Bank, Bank of Scotland, and Halifax brands.

The announcement is expected to come next Tuesday (October 28th) as part of chief executive Antonio Horta-Osorio's strategic review of the business, when the bank will also publish its third quarter results.

According to the Telegraph, the bank is expected to reveal underlying profits growing by more than 50 per cent and may show evidence that it is moving closer to resuming dividends.

Some 45,000 roles have already been axed since Lloyds TSB rescued HBOS during the 2008 banking crisis. Lloyds would not comment on the scale of the job cuts, first reported by Sky News ahead of the announcement.

The government still holds a 25 per cent stake in the bank, but has reduced its holding from about 39 per cent through two separate share sales since September last year. It was originally bailed out with £20 billion.

The cuts are believed to be in response to the shift of many customers from physical branches to internet. Analysts quoted by the BBC say that will allow it to reduce branch numbers in response to the rapid growth of online banking.

The bank posted its first annual profit since the financial crisis last year, reaching £3.8 billion in the first six months of this year. Lloyds Banking Group shares were up 0.55 per cent today at 10:35 ET. 

Find up to date information on the FTSE 100 and spread betting strategies at City Index.

StoneX Financial Ltd (trading as “City Index”) is an execution-only service provider. This material, whether or not it states any opinions, is for general information purposes only and it does not take into account your personal circumstances or objectives. This material has been prepared using the thoughts and opinions of the author and these may change. However, City Index does not plan to provide further updates to any material once published and it is not under any obligation to keep this material up to date. This material is short term in nature and may only relate to facts and circumstances existing at a specific time or day. Nothing in this material is (or should be considered to be) financial, investment, legal, tax or other advice and no reliance should be placed on it.

No opinion given in this material constitutes a recommendation by City Index or the author that any particular investment, security, transaction or investment strategy is suitable for any specific person. The material has not been prepared in accordance with legal requirements designed to promote the independence of investment research. Although City Index is not specifically prevented from dealing before providing this material, City Index does not seek to take advantage of the material prior to its dissemination. This material is not intended for distribution to, or use by, any person in any country or jurisdiction where such distribution or use would be contrary to local law or regulation.

For further details see our full non-independent research disclaimer and quarterly summary.

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 69% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. CFD and Forex Trading are leveraged products and your capital is at risk. They may not be suitable for everyone. Please ensure you fully understand the risks involved by reading our full risk warning.

City Index is a trading name of StoneX Financial Ltd. Head and Registered Office: 1st Floor, Moor House, 120 London Wall, London, EC2Y 5ET. StoneX Financial Ltd is a company registered in England and Wales, number: 05616586. Authorised and regulated by the Financial Conduct Authority. FCA Register Number: 446717.

City Index is a trademark of StoneX Financial Ltd.

The information on this website is not targeted at the general public of any particular country. It is not intended for distribution to residents in any country where such distribution or use would contravene any local law or regulatory requirement.

© City Index 2024