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PPI refunds: Lloyds set to lay-off a further 15,000 staff

UK banking group Lloyds, which is set to pay out large PPI refunds, has announced that it will axe a further 15,000 employees as part of its cost-cutting measures.

The lay-offs are part of the firm's strategic review which aims to achieve annual cost savings of £1.5 billion by 2014 and reduce its presence on the global stage.

As Lloyds has claimed that all of its branches will remain open despite the cuts, it is likely that back-office staff and middle management will bare the brunt of the job losses.

David Fleming, Unite national officer, said: "Astonishingly one in eight roles will be lost over the next three years.

"This review is merely another box-ticking exercise to give this bank - which has already, since its creation two years ago, cut over 27,000 staff - an excuse to sack more employees."

The announced job losses will reduce Lloyds Banking Group's current 104,000-strong workforce by 14 per cent.

John Fieldman

Having worked in the city for 19 years, John's main focus is interest rates and corporate finance. ADNFCR-2776-ID-800607995-ADNFCR



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