By Marcus Leach
There was further bad news on Thursday for Lloyds Banking Group as they announced that a further 15,000 jobs will be cut.
The latest round of job cuts is part of a strategic view aimed at saving £1.5 billion in annual savings by 2014. But, perhaps more tellingly, it marks the withdrawal from international banking.
Since merging with HBOS in 2009 Lloyds has cut 27,500 jobs, although they have stressed that no UK branches will be closed, which would suggest the next round of cuts will come in middle management and back office roles.
A statement from the company said that all changes were "better end-to-end processes and IT platforms, a de-layered management structure and simpler legal structure, centralised support functions".
Antonio Horta-Osorio, the new chief executive who took over on March 1st, launched the strategic review aiming to free up £2 billion for investments over the next three years.
The bulk of the savings will come from international operations, with Lloyds expected to cease trading in 15 of the 30 countries they currently offer services in.
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