By Marcus Leach
Antonio Horta-Osorio, the new chief executive of Lloyds Banking Group, is to conduct a strategy review that is expected to take total job cuts at the bank to 43,000.
Since merging with HBOS the bank has already cut 28,000 jobs, with the review expected to announce the cutting of a further 15,000 positions by the end of the month.
The latest round of cuts come as George Osborne and the Treasury prepare to step in to a growing argument centring around the sales of hundreds of Lloyds' branches. There is demand for the bank to sell more branches than it originally disclosed.
It was expected that 632 branches would be sold, but the Independent Commission on Banking (ICB) could force Lloyds to sell more branches still. If the Treasury steps in the ICB may well be forced to reveal the number of branches that they want sold off.
The sale of branches is expected to attract interest from a number of other banks, including Co-operative Financial Services, Virgin Money and investment bank NBNK.
Mr Horta-Osorio's management plan is expected to be presented on June 30, but it is not yet clear if he will detail the job cuts when he does announce the plan.
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