LONDON -- Lloyds Banking Group PLC said Tuesday it plans to cut 5,000 jobs at its group operations, insurance and retail divisions to help eliminate overlap following its acquisition of HBOS earlier this year.
The move means Lloyds is on track in meeting its target of £1.5 billion ($2.51 billion) in cost savings from merging HBOS and Lloyds, a spokesman said.
It adds to worsening unemployment in the U.K. financial services industry and comes just a week after HSBC Holdings PLC said it will cut 1,700 jobs in the U.K.
No comments:
Post a Comment