lloyds to cut 3,000 jobs in wake of brexit

by:YEROO     2019-09-09
Lloyds Bank Group is laying off 3,000 jobs and closing 200 branches as the bank prepares to cut interest rates after the UK has decided to withdraw from the EU.
The bank, partly backed by the British government, said,
The interest rate cut announced on 2014 will be extended, \"the long-term interest rate environment is expected to be reduced\", and the new interest rate cut will take effect at the end of 2017.
The Bank of England is widely expected to cut interest rates from 0. 5% to 0.
As the impact of the Brexit vote intensified, 25% will be held next week.
Lloyds bank is targeting 1. 4 billion (€1. 67bn)
Cost savings by the end of next year.
The bank also released the news in the first half of the year, with statutory profits more than doubled to 2.
But the bank warned that Brexit could have a negative impact on its future performance.
\"Given the uncertainty, it is too early to determine the impact on our formal long-term guidance at this stage.
\"However, while the business will still maintain a high level of capital generation, this kind of capital generation may be lower in the next few years than previously directed,\" the bank said . \".
Since the announcement of efficiency-driven in 2014, the total number of layoffs will reach 12,000 by the end of next year.
The most recent 200 branches have been closed, with the exception of 200 other branches that have been designated to close Lloyds Bank, which is 9% of the British government.
Chief executive Antonio Horta
Osorio said: \"After the EU referendum, the outlook for the UK economy is uncertain, although the exact impact depends on a number of factors, including EU negotiations and political and economic events, economic growth seems likely to slow.
\"However, after continued deleveraging in the private sector, a significant increase in mortgage affordability and low unemployment, the UK has entered this uncertain period from a strong position.
Rob McGregor, a state official with the union, said: \"customer service will be in real danger and banking services in many communities will be compromised by the latest round of brutal cuts.
\"In the coming days and weeks, the Union Bank will negotiate with Lloyds Bank to get a detailed picture of the announcement, urging it to guarantee mandatory redundancy and warning it not to cut too fast.
\"Lloyds Bank should undoubtedly oppose all mandatory redundancies and will make every effort to ensure that employees who wish to continue working for the banking group do so.
Meanwhile, French outdoor advertising company JCDecaux plans to reduce its investment in the UK after the UK voted to leave the EU.
The chief executive said this morning. The family-
Run company is currently developing an installation 1,000 84-
Bus shelters in London\'s main shopping district all have inch screens, but this morning it said it would review the number after the Brexit vote.
Jean-\"We have to make sure our business is right for the needs of our customers . \"
Charles Decaux told BFM commercial radio that he highlighted concerns about the expected slowdown in UK economic growth.
\"We will remain active in the UK, but a little less than there is no vote for Brexit,\" he added . \".
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