Lloyds Banking Group PLC ADR (NYSE:LYG) To Slash Its Workforce


Lloyds Banking Group PLC ADR (NYSE:LYG) is a company that focuses in the delivery of financial and banking services. It undertakes its operations through three segments namely commercial, retail banking and insurance and wealth. It was today that the business guru spoke in relation to its move to slash its workforce.

Current state of affairs

The business guru outlines that that it will cut down about 6000 jobs. It also intends to add about 8,000 new roles. This happens to be part of its plan to make an investment of almost 3 billion pounds.

The job cuts will affect a broad range of areas in the bank according to some trusted sources. An official working with the business giant has mentioned some of them. They include the corporate banking, the group transformation division and the retail and community banking activities.

Reports show that the bank will make the pronouncement about the 8,000 new jobs on Tuesday. Market observers have applauded the company for the move to come up with the new jobs. They term it a remarkable way to create fresh employment opportunities. The company says that the portion of its staff that will be affected by the move will have a second chance. They will just have to drop their applications for the roles the company will have created.

A closer outlook

In one of its statements, the company asserted that it had gotten to a point of realizing the significant need for reorganization. It also spoke in relation to the statement it made way back in February regarding its investment plans. It draws a close link between this particular re-organization and the investment plan.

The re-organization seems more concentrated on the staff of this company. The business says that it will be a part of the rising popularity of digital banking. The bank acknowledges the difficulties of rising to the pinnacle in an industry characterized by stiff business competition.

However, it exudes confidence that with proper strategies and proper restructuring activities it will succeed.

The news has taken quite a significant number of employees by surprise with most of them criticizing the move. The company wishes them the best.

This report is for information purposes only, and is neither a solicitation or recommendation to buy nor an offer to sell securities. Financials Trend is not-a-registered-investment-advisor. Financials Trend is not a broker-dealer. Information, opinions and analysis contained herein are based on sources believed to be reliable, but no representation, expressed or implied, is made as to its accuracy, completeness or correctness. The opinions contained herein reflect our current judgment and are subject to change without notice. Financials Trend accepts no liability for any losses arising from an investor's reliance on the use of this material. Financials Trend sometimes gets compensated up to one hundred and fifty thousand dollars per month for featuring particular stocks. See site disclaimer for complete compensation. Financials Trend and its affiliates or officers currently hold no shares of these stocks. Financials Trend and its affiliates or officers will purchase and sell shares of common stock of these stocks, in the open market at any time without notice. Financials Trend will not update its purchases and sales of these stocks in any future postings on Financials Trend's websites. Certain information included herein is forward-looking within the context of the Private Securities Litigation Reform Act of 1995, including, but not limited to, statements concerning manufacturing, marketing, growth, and expansion. The words "may", "would," "will," "expect," "estimate," "anticipate," "believe," "intend," " project," and similar expressions and variations thereof are intended to identify for ward-looking statements. Such forward- looking information involves important risks and uncertainties that could affect actual results and cause them to differ materially from expectations expressed herein. *Financials Trend does not set price targets on securities. Never invest into a stock discussed on this web site or in this email alert unless you can afford to lose your entire investment.