Lloyds Bank will reduce 3000 employees from it as the bank plans to increase cost savings from previously planned £1billion to £1.4 billion. The bank said it will cut 3000 jobs and close 200 more branches by the end of 2017. By the period, Lloyds would complete slashing of 9000 jobs and 200 branches, which the bank was announced in 2014, as part of its cost cutting efforts. Lloyds said it was preparing for interest rates to remain lower for longer in the wake of last month’s vote to leave the EU. Lower interest rates reduce banks’ net interest margin, which is effectively a proxy for profit, it said.
