Lloyds Plans to Cut 15,000 Jobs

LONDON ( TheStreet) -- Lloyds Banking Group ( LYG) plans to cut 15,000 jobs in an effort to save 1.5 billion pounds ($2.4 billion) a year by 2014.

The bank, in a strategic review announced Thursday, also said it would create a delayered management structure and centralize its support functions.

Lloyds also said it would reduce its international presence from 30 countries to less than half that by 2014.

Lloyds said the cost savings will allow it to invest an additional 2 billion pounds from now to 2014 to grow its core customer franchise.

Lloyds has cut more than 40,000 jobs since it was created in 2009 through the merger of Lloyds TSB and Halifax/Bank of Scotland. The bank is partly owned by the U.K. government.

-- Written by Joseph Woelfel

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