29-Jan-14
London - Lloyds Banking Group said Tuesday it will eliminate an additional 1,080 jobs as part of a restructuring plan , it first began in 2011 .
The bank , which was bailed out during the financial crisis , said in June 2011 by the British government , which would eliminate up to 15,000 jobs by the end of this year. Lloyd said at the time that the job cuts would save up to 1.5 billion pounds, or about 25 billion by the end of 2014 year. The bank currently has about 90,000 employees.
" Lloyds Banking Group is committed through these changes , employees careful and sensitive way to work , " the bank said . " All affected employees today have listened to their line manager ."
The job cuts will be spread across the retail banking , risk, operational and commercial banking sector . The bank also plans to outsource the work to another 310.
" The group 's policy is the natural outcome and redeploy people as possible to retain their expertise and knowledge within the group frequently used , " the bank said . " Where necessary to allow employees to leave the company , it will look by offering voluntary redundancy to achieve this goal. Compulsory redundancies will always be a last resort ."
Lloyd received a £ 17 one billion bailout in 2008 , the British government still owns about a third of the bank.
Since it was bailed out , the bank has sold non-core businesses in order to simplify its products and has focused the domestic market, the UK 's lending efforts.
The bank has returned to profitability , reporting to 1.5 billion pounds in the third quarter earnings.
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