LONDON - The Lloyds Banking Group said on Tuesday that it would eliminate an additional 1,080 jobs as part of a restructuring plan first it began in 2011.
The bank, which was bailed out by the British government during the financial crisis, said in June 2011 that it would eliminate as many as 15,000 jobs by the end of this year. Lloyds said at the time that the jobs cuts would save as much as 1.5 billion pounds, or about $2.5 billion, annually by the end of 2014. The bank currently has about 90,000 employees.
“Lloyds Banking Group is committed to working through these changes with employees in a careful and sensitive way,†the bank said. “All affected employees have been briefed by their line manager today.â€
The jobs cuts will be spread across the bank’s retail, risk, operations and commercial banking divisions. The bank also plans to outsource another 310 jobs.
“The group’s policy is always to use natural turnover and to redeploy people wherever possible to retain their expertise and knowledge within the group,†the bank said. “Where it is necessary for employees to leave the company, it will look to achieve this by offering voluntary redundancy. Compulsory redundancies will always be a last resort.â€
Lloyds received a £17 billion bailout in 2008, and the British government still owns about a third of the bank.
Since it was bailed out, the bank has sold noncore businesses to streamline its offerings and has focused its lending efforts on its home market, Britain.
The bank has returned to profitability, reporting earnings of £1.5 billion in the third quarter.
