Lloyds Bank cuts further 15,000 staff

Lloyds Bank, owned by the British tax payer, has announced further staff reductions of 15,000 staff to produce annual savings of £1.4 billion by 2014.

This is on top of the 27,000 jobs already lost through the merger with HBOS in 2009.

The new head of Llloyds, Antonio Horta-Osorio, hired from Santander back in March, has wasted no time in tackling the huge problems they have and hopes to have investors on his side as soon as possible. He needs to drive the share price higher asap allowing the Government to exit from their massive share holding.

Not easy in recent negative equity markets, especially in the Banking industry.

No branch losses are expected in the UK but there will be a scaling down of Lloyds international operations and potentially a complete removal of a management layer.

The stated aim is for Lloyds to "become  the best Bank for customers".

In a market slightly bullish this morning, on the Greek parliament voting through the Austerity package, Lloyds shares have opened over 4% higher at 46p