Lloyds bank will lay off over three thousand people by the end of 2017 – publico

 
         

                 

                         
                     

                 

 
 

The British bank Lloyds will lay off three thousand people by 2017, the company said, at a time when it is expected that the Bank of England cut interest rates next week due to Brexit.

the Lloyds Banking Group (LBG) has decided to extend its restructuring plans with the closure of 200 branches and the dismissal of three thousand people by the end of next year, reveals the company in a statement on its results progress.

With these redundancies, rises to 12,000 the total number of jobs eliminated by the company in the current restructuring program, which was announced in 2014.

the Bank of England should cut interest rates within a week to a record low of 0.25% in response to the uncertainty caused by Brexit victory – the Lloyds admits he already has an impact on the economy

“As a result of. change in consumer behavior and the expected reduction in interest rates, the scope of the program [restructuring] has now been extended to include the closure of 200 branches and reduction of 3,000 jobs by the end of 2017, “said LBG in the statement.

the bank, which returned almost completely to the private sector after a bailout by the state during the 2008 financial crisis, also raised its savings target to 1.4 billion pounds, from the previous target of one billion pounds.

the LBG added that the net profit, or profit after tax doubled to 1.3 billion pounds (1.5 billion) in the first half of 2016 to 874 million in the previous year, but warned of the impact of Brexit.

“We have presented a good financial performance in the first half with a robust underlying result, doubling the statutory profit and strong cash generation capital, along with continued progress of our strategic initiatives, “said the chief executive, Antonio Horta-Osorio. He admitted however that the result of the referendum which dictated the output of the UK EU undermines future prospects.

“Following the referendum on the EU, the prospects for British economy are uncertain and although the exact impact depends on a number of factors, including negotiations with the EU and political and economic events, it seems likely a slowdown in growth, “he said.

the British government rescued Lloyds at the peak of the financial crisis, with a cost of about 20 billion pounds, which left it to the State 43% of the bank. Since then, managed to reduce its stake to about 9%, after several sales activities.