Lloyds Banking Group PLC, Britain's biggest mortgage lender, plans to cut about 2,100 jobs at its group operations and wholesale units, bringing the total number of positions the bank has eliminated since April to over 7,650.
The company will cut about 1,400 jobs in group operations and 700 positions in wholesale banking, all of which are in the United Kingdom, the London bank said Tuesday. About 700 jobs will also go through "natural attrition," and 350 new positions will be created at the wholesale unit.
Chief Executive Officer Eric Daniels pledged to lower costs after the acquisition of HBOS PLC in January created a bank with more than 3,000 branches and a 28%share of Britain's mortgage market.
Of the total job losses in group operations, 700 will affect permanent employees and another 700 positions will be cut by shedding agency staff, Lloyds said.
At the wholesale division, Lloyds is closing five commercial centers and considering the closure of a further 34.
The bank also said it will not be cutting any further permanent staff at its Channel Islands and Isle of Man operations after announcing 240 job losses at its offshore business last week. Compulsory redundancies will be a "last resort," the lender said.
Royal Bank of Scotland Group PLC, Britain's biggest government-controlled bank, has cut 22,320 employees since the credit crisis began two years ago, the most of any U.K. lender. The bank has announced 11,700 job cuts this year.
