LONDON, Oct 28, 2014 (AFP) - Britain's state-rescued Lloyds Banking Group announced on Tuesday that it plans to cut 9,000 jobs by the end of 2017 to slash costs.
"In order to make the Group more efficient, we expect to exit 2017 with a cost:income ratio of around 45 percent and are targeting reductions in each year of the plan," LBG said in a statement.
"We also anticipate a reduction of 9,000 full time roles by the end of 2017 and plan to make further simplification savings of £1 billion ($1.6 billion, 1.27 billion euros) per annum by the end of 2017."