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Lloyds axes 15,000 jobs to get bank ‘back on its feet’
Business digest: banking group continues with policy of slimming down to allow government to sell stake
Lloyds Banking Group has axed 15,000 jobs in order to get the bank "back on its feet".The bank's new chief executive, Portugese Antonio Horta-Osorio, is slashing middle management positions in an attempt to save around £1.5bn. The bank has already cut 28,000 jobs.Horta-Osorio was parachuted in at the start of the year to make the bank profitable in order to allow the government to begin selling off the 41 per cent stake it acquired in the group in January 2009.The news comes as HSBC also announced that it was cutting 700 jobs, while a further 10,000 retail positions are on the line following a grim week for high street shops.Read a full report at the Daily Telegraph. ·
