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.

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