Lloyds Banking Group is expected to cut 6,000 jobs and create 8,000 new ones as it overhauls its digital services.
The Banking Group has so far declined to confirm reports but the 6,000 job cuts are expected to be spread across the bank.
According to SkyNews, the cuts are expected to fall in divisions, such as corporate and retail banking, while the 8,000 new roles will be focused on digital services.
It is understood the bank will not be announcing any further branch closures.
The news comes after Lloyds and Schroders announced plans to launch a joint financial planning business which they hope will be in the top three in the UK within five years.
The business will launch by the middle of 2019 and Lloyds will transfer some £13bn of assets and its associated advisers from its existing wealth management business to the joint venture.
Unions are expected to discuss the latest changes with staff this morning, with workers in the 6,000 affected posts expected to be able to apply for the new roles.
Britain's biggest High Street lender has been trying to reorganise as more people bank online, rather than going into branches.
aamina.zafar@ft.com
