Lloyds to axe 6,000 jobs, create 8,000 new roles – Sky News


FILE PHOTO – A man walks past a Lloyds Bank branch in central London, Britain February 25, 2016. Lloyds Banking Group rewarded investors with a surprise 2 billion pound payout on Thursday, underlying its intent to be the biggest dividend payer among Britain’s banks and its recovery after a state bailout. REUTERS/Paul Hackett

(Reuters) – Lloyds Banking Group Plc (LLOY.L) will cut around 6,000 jobs, while adding 8,000 new roles as part of a planned 3 billion pound ($3.91 billion) investment, Sky News reported here on Monday.

The jobs cuts would come from a broad range of areas across the bank, including its group transformation division, corporate banking, retail and community banking activities, Sky News said, citing sources.

The creation of 8,000 new jobs will be announced on Tuesday, meaning a net creation figure of 2,000 jobs, the Sky report said. Staff whose jobs are affected by the plans will be able to apply for the new roles being created, Sky news reported.

Lloyds declined to comment.

The reorganization is part of investment plans revealed in February, which focus on technology and staff as the bank looks to adapt to the increasing popularity of digital banking and declining footfall in branches.

Reporting by Shubham Kalia and Ishita Chigilli Palli in Bengaluru. Editing by Adrian Croft and Jane Merriman

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