Lloyds To Cut 9000 Positions: Reports

(RTTNews) - UK-based lender Lloyds Banking Group Plc (LLOY.L, LYG) is planning to announce elimination of about 9,000 positions next week, reports said Wednesday.

The decision comes in the wake of a customer shift to online banking, rather than physical branches, and will comprise around a tenth of the lender's workforce.

The company is expected to announce its third-quarter results on October 28, when a new three-year strategy plan also is expected to be unveiled. This plan is likely to include the job cuts, closure of banks as well as automation of its services.

LLOY.L closed at 75.88 pence on Wednesday.