Lloyds slashes 850 jobs as cost reduction drive continues

Banking giant Lloyds has announced plans to slash 850 jobs in a bid to lower costs, it was reported Thursday.

The bank, which is 39% owned by the UK taxpayer, will make the cuts across a number of its operations, including commerical banking and retail.

According to Reuters, Lloyds is making the cuts as part of its wider strategic plan to reduce its staff count by 15,000 in an effort to lower costs by £1.5bn annually.

Shares were 2.85% higher by the afternoon, trading at 57.68p.

NR