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Lloyds source cools rumours over job losses 13 June 2011

A report in The Sunday Times had claimed that the group was preparing to axe 15,000 jobs as part of a plan to save £1bn, with many roles at head office at risk as the bank starts to reduce layers of management.

It was claimed that the plans are likely to form a key part of a strategic review which will be published by chief executive Antonio Horta-Osorio on June 30.

The bank has cut around 27,000 jobs since it was given the green light by the then Prime Minister Gordon Brown to merge with HBOS.

But the source at Lloyds said the figure was “plucked from the air” and “appeared to be largely speculative”.

The source added: “There has been plenty of speculation ever since we launched the strategic review, but I think 15,000 has been a guesstimate based upon the previous announcement of the amount of savings we’re looking at. 15,000 is certainly not a figure that we recognise.”

Lloyds has previously confirmed that it will be looking at reducing the number of its branches by around 600. This has been driven by requirements under European state aid rules.
Information memos have already been sent out for this and a handful of bidders have already expressed an interest. A shortlist of final bidders is planned to be drawn up, ith a preferred bidder expected to be lined up by the end of July.

A spokesman for Lloyds said the bank had no comment on the newspaper report. 



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