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Lloyds to axe 15,000 in an effort to save £1bn

By Daily Mail Reporter
Updated: 04:44 EDT, 13 June 2011

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A fresh jobs cull at taxpayer-backed Lloyds Banking Group will see 15,000 staff lose their jobs in a £1bn cost-cutting drive, according to reports.

Costcutter: Antonio Horta-Osorio

New boss Antonio Horta-Osorio is believed to be running the rule over several layers of management, with its London head office earmarked as a target.

A new round of cuts would add to the 28,000 jobs the group has already shed since its doomed takeover of HBOS left the taxpayer owning 41pc of the black horse bank.

The conditions of the state bailout saw Lloyds required by the European Commission to shed 632 branches, but there has been speculation the Independent Commission on Banking might tell the bank to go further.

However, the Treasury is understood to have warned the ICB to be 'pragmatic' in its approach, rather than demanding even more branch sales.

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