Lloyds Bank Cuts Thousands of Jobs Amid Meltdown
by Sean Adl-Tabatabai
YourNewsWire.com
July 29, 2016
Lloyds Bank have announced that over 3,000 jobs are to be cut and 200 of it’s branches closed amid a sharp decline in profits recently.
According to a Fortune report, Lloyds Banking Group are being forced to cut costs due to a “testing economic environment” caused by the recent Brexit vote.
Thomasdishaw.com reports:
Britain’s largest retail bank aims to save 400 million pounds ($528.56 million) by end-2017 by axing a further 3,000 jobs and closing an additional 200 branches to protect its earnings and dividends against the effects of lower-for-longer interest rates.
Lloyds, rescued in a 20.5 billion pound taxpayer bail-out during the financial crisis, is the first major British bank to report results since the referendum and is the most exposed to any downturn in the British economy.
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