The restructuring events database contains factsheets with data on large-scale restructuring events reported in the principal national media and company websites in each EU Member State. This database was created in 2002.
Financial Services Financial And Insurance Activities Financial Service Activities, Except Insurance And Pension Funding 64 - Financial service activities, except insurance and pension funding
3,000 jobs Number of planned job losses
Announcement Date
28 July 2016
Employment effect (start)
Foreseen end date
31 December 2017
Description
Lloyds Banking Group has announced plans to cut a further 3,000 jobs from its workforce, and will close a further 200 branches. The bank which is partly owned by the British taxpayer made the announcement after announcing a rise in pre-tax profits of 101%. The job cuts are in addition to the 9,000 cuts announced in 2014. The latest cuts are said to be in response to customer preference for online banking. The bank stressed that the decision to cut these jobs was taken before the referendum on EU membership. The closures are expected to be completed by the end of 2017.
Sources
28 July 2016: BBC Website
28 July 2016: The Telegraph
Citation
Eurofound (2016), lloyds banking group, Internal restructuring in United Kingdom, factsheet number 88324, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/88324.
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