lloyds cutting 15,000 jobs

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    Lloyds Cutting 15,000 Jobs for 1.5B Pound Savings


    Lloyds Banking Group Plc (LLOY), Britain?s biggest mortgage lender, will cut 15,000 jobs and reduce costs by an additional 1.5 billion pounds ($2.4 billion) as it withdraws from overseas units and increases its U.K. focus. The shares soared the most in more than a year.

    The savings will result from cuts to management functions, by centralizing some roles and by withdrawing from more than 15 of its 30 overseas units, the London-based bank said in a statement issued before its presentation to investors in London. HSBC Holdings Plc today said it would cut 700 posts.

    http://www.bloomberg.com/news/2011-06-30/lloyds-banking-plans-to-eliminate-15-000-jobs-to-save-2-4-billion-by-2014.html
 
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