Lloyds to axe 9000 jobs over next three years

Lloyds Banking Group has its HQ in Edinburgh.  Picture: Jane Barlow

Lloyds Banking Group has its HQ in Edinburgh. Picture: Jane Barlow

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Lloyds Banking Group is set to shed up to 9000 UK jobs over the next three years.

The company, which owns the Bank of Scotland and has its headquarters in the Capital, is expected to make the announcement next week as part of chief executive Antonio Horta-Osorio’s strategy review.

The financial giant employs around 16,000 people in Scotland and could lose up to ten per cent of its workforce in the cuts.

The bank has axed 30,000 jobs since its near collapse in the global crash of 2008 and its £20.5 billion government bailout.

Mr Horta-Osorio is also expected to announce the closure of some branches as part of a new three-year plan responding to the move to online banking and the automation of back-office roles.

Since taking the helm in 2011, the banking chief has been credited with reviving the fortunes of Lloyds and returning the company to profit.