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Lloyds expands cost-cutting initiative

lloyds-bankne_660Lloyds Bank is expanding its restructuring plans in an effort to boost its on-going cost-cutting drive. The move could lead to further job losses and branch closures. In October 2014, the bank had announced it will remove £1bn a year from its cost base by the end of 2017, by axing 9000 roles and shutting 200 branches. It is now accelerating that by a year and is targeting an extra 20% in savings by the end of 2017, taking its annualised cost reductions to about £1.2 billion, a news report suggested. The expanded cost-cutting measures may lead to about 1800 more job losses and at least 40 extra branch closures. The move to lower costs comes as UK banks face pressure on earnings from record-low interest rates, which are expected to remain in place for longer following the vote to leave the European Union.

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