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15/02/2002
Lloyds TSB announce plans to axe 3,000 jobs
High Street bank Lloyds TSB has announced plans to axe 3,000 jobs this year in an attempt to cut costs.
As well as unveiling lower profits, the bank said it planned to cut a total of 5,000 jobs this year, but would create 2,000 in other areas, resulting in a net loss of 3,000 positions.
A spokeswoman for the bank said the cuts would be targeted at the bank's administrative support functions, while the new jobs would mostly be in customer service. The bank hope to achieve the job cuts through voluntary redundancies and natural wastage.
Lloyds announced the cutbacks following a dip in profits last year, and a pledge to keep costs under tight control in 2002.
The increase in bad debt provisions included a £100 million allocation to cover the bank's exposure to Argentina's current economic crisis.
(MB)
As well as unveiling lower profits, the bank said it planned to cut a total of 5,000 jobs this year, but would create 2,000 in other areas, resulting in a net loss of 3,000 positions.
A spokeswoman for the bank said the cuts would be targeted at the bank's administrative support functions, while the new jobs would mostly be in customer service. The bank hope to achieve the job cuts through voluntary redundancies and natural wastage.
Lloyds announced the cutbacks following a dip in profits last year, and a pledge to keep costs under tight control in 2002.
The increase in bad debt provisions included a £100 million allocation to cover the bank's exposure to Argentina's current economic crisis.
(MB)
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