Lloyds Said to Cut Thousands of Jobs as CEO Cuts Costs
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Lloyds Banking Group Plc, Britain’s largest mortgage provider, is poised to eliminate thousands of jobs in what may be the biggest round of cuts since at least 2011, a person familiar with the matter said.
The bank will shut branches as part of efforts to automate its entire business, with job cuts expected in areas such as mortgage processing and new account opening, said the person, who asked not to be identified because the strategy isn’t finalized. Some people may be able to assume new roles in the revamp instead of losing their jobs, the person said.