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Lloyds Bank to Axe 3,000 Jobs and Close 200 Branches

Lloyds Bank to Axe 3,000 Jobs and Close 200 Branches

Lloyds Bank will be axing 3,000 jobs and close 200 branches that allows it to save costs at a time when interest rates are expected to be cut after the Brexit vote.  Lloyd’s chief executive said the decision to cut jobs will save 400 million and has added that the use of branches have fallen 15% year on year.

“The decision to cut jobs will save 400 million and has added that the use of branches have fallen 15% year on year. “

~ The Guardian

Lloyds is currently being investigated by the Financial Conduct Authority over the way it handled customers having difficulty paying their mortgages. It is unable to say if is facing a penalty from the City regulator but has set aside 350m to cover the costs of mishandling customers in arrears not only with their home loans but also with unsecured debts.

Related Reports: The Guardian, BBC

 

About Financial Conduct Authority

Our strategic objective is to ensure that the relevant markets function well and our operational objectives are to:

  • Protect consumers – we secure an appropriate degree of protection for consumers.
  • Protect financial markets – we protect and enhance the integrity of the UK financial system.
  • Promote competition – we promote effective competition in the interests of consumers.

We are an independent public body funded entirely by the firms that we regulate, by charging them fees. We are accountable to the Treasury, which is responsible for the UK’s financial system, and to Parliament.

Our work and purpose is defined by the Financial Services and Markets Act 2000 (FSMA)

We work with consumer groups, trade associations and professional bodies, domestic regulators, EU legislators and a wide range of other stakeholders. With this extensive remit, we use a proportionate approach to regulation, prioritising the areas and firms which pose a higher risk to our objectives.

Visit: Financial Conduct Authority


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