Report: Lloyds To Cut Thousands Of Jobs Amid Digital Strategy

(RTTNews) - British lender Lloyds Banking Group Plc.(LLOY.L, LYG) is priming to eliminate thousands of jobs and close more branches as part of its new digital strategy to automate its entire business, according to a report in the Times on Monday. The company is reportedly expected to detail its strategy along with its third-quarter financial results on October 28.

The report indicated that the so-called digital strategy will form the center-piece of a three-year plan.

Lloyds, which is still 25 percent owned by the UK government, is looking to automate its entire operations in order to maintain its cost advantage over rivals such as Barclays plc (BCS, BARC.L) and Santander UK plc (SAN.L).

The job cuts are expected in areas such as mortgage processing and new account opening as well as call centers. Some of the employees may also be handed over new roles instead of losing their jobs.

The bank has eliminated more than 37,000 jobs in the aftermath of the financial crisis that led to a government bailout in 2008. It later announced 15,000 job cuts in 2011.

In Monday's regular trading session, LYG is currently trading at $4.97, down $0.01 or 0.10% on a volume of 3.78 million shares.