Lloyds confirmed reports that it will reduce its workforce by 15,000 and cut its international presence in half by 2015. The restructuring plan is designed to save 1.5 billion pounds ($2.4 billion) a year by 2014 and return the part-nationalized British bank to health. The government currently owns 41% of Lloyds.
Last Thursday chief executive Antonio Horta-Osorio said he plans to make the cuts felt mainly through middle management and make the bank simpler and more agile. Lloyds’ investors applauded the plan.
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