Lloyds to cut around 1,600 branch jobs in digital switch | Reuters News Agency


Business & Finance

Reuters exclusively reported that Britain’s biggest domestic bank Lloyds was cutting around 1,600 roles across its branch network, part of a renewed push by lenders to axe costs as tough economic conditions and pressure on margins prompt them to tighten their belts. It is the latest in a string of deep cuts made by British banks – including Barclays, as also reported first by Reuters in November. The story was widely picked up, including by Bloomberg, the BBC and Sky News, as well as several newspapers including The Guardian, The Times, The Telegraph, The Daily Mail and The Daily Mirror.  

Market Impact

Regulator the Financial Conduct Authority launched a review into the market earlier this month, which analysts at RBC estimated in a note on Thursday could ultimately cost Lloyds – a big player in the market through its subsidiary Black Horse – as much as 2 billion pounds ($2.6 billion). Analysts at Jefferies estimated a potential 1.8 billion pound bill for Lloyds, in a separate note on Wednesday.

Article Tags

Topics of Interest: Business & Finance

Type: Reuters Best

Sectors: Business & FinanceFinancial Services

Regions: Europe

Countries: London

Win Types: Exclusivity

Story Types: Exclusive / Scoop

Media Types: Text

Customer Impact: Significant National Story

Source link


Please enter your comment!
Please enter your name here



More like this

Prince Harry has only dig himself ‘even deeper’ into a bespoke hole

Prince Harry warned he’s only only dug himself...

Arizona hires Mizzou AD Reed-Francois

Pete Thamel, ESPNFeb 19, 2024, 11:51 AM ETThe...

18 New Restaurants In Delhi-NCR You Must Try In January-February 2024

Delhi is the biggest foodie hotspot in the...