Lloyds, Britains largest retail bank is planning a series of cost-cutting plan as it prepares for interest rates to drop following Britain’s decision to leave the European Union.
The Banking group is aiming to save 400 million pounds by the end of 2017 by cutting 300 and closing additional 200 branches to protect its earnings. Lloyds has already shed 9,000 jobs since 2014. The new cuts will bring the figure to 12,000 by the end of 2017.
Lloyds is targeting £1.4 billion in cost savings by the end of next year.