Marketwatch reports that Lloyds Banking Group PLC UK:LLOY +1.11% LYG +1.07% said Thursday that it will cut a further 15,000 jobs and withdraw from the majority of its international markets as part of a strategic review intended to save the bank 1.5 billion pounds ($2.4 billion) a year by 2014. As well as cutting jobs, the bank will find savings by reducing the number of management layers and centralizing its support functions. Lloyds currently operates in 30 countries and said it will cut that number by more than half by 2014. For 2011 the bank said its current expectations remain largely unchanged. Revenue will fall because of efforts to shrink the balance sheet and pressure on margins, though costs and impairments will also both decline. ….
Find out more at: http://www.marketwatch.com/story/lloyds-cutting-15000-jobs-plans-to-save-24-bln-2011-06-30
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