CompaniesOct 23 2014

Lloyds expected to cut 10% of workforce

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Lloyds Banking Group is set to announce plans to axe 9,000 jobs as part of its new three-year strategy to make the UK’s biggest retail lender more digitally focused, according to FTAdviser sister publication the Financial Times.

The FT said the restructuring reflects a sharp drop in the number of people using Lloyds branches and call centres as more of them switch to doing basic transactions on their mobile devices, such as smartphones or tablets.

This prompted the bank to create a new digital, marketing and customer development function to focus on developing new and improved products.

It has more than 10m active users of its online banking services, including 4.5m mobile banking users.

It would follow similarly drastic restructuring plans at Barclays and Royal Bank of Scotland, which have already been shedding tens of thousands of jobs as they seek to boost their flagging performance.

emma.hughes@ft.com