STATE-BACKED Lloyds Banking Group is reportedly expected to announce thousands of job cuts as it publishes latest financial results with a strategic update tomorrow.
Reports suggest the lender is preparing to shed up to 9,000 staff - about a tenth of the workforce - over the next three years as part a strategy that will lead to more branch closures.
The strategy is expected to see a shift towards more computerised working with the aim of reducing costs and improving service. Jobs in areas such as mortgage processing and new account processing look likely to be under threat.
Lloyds Banking Group, which is 25 per cent owned by the taxpayer and includes Halifax and Bank of Scotland, employs about 88,000 people.
It has shed more than 30,000 jobs since the financial crisis - when the Government poured in £20bn to rescue it - and staff were faced with fresh uncertainty when reports began to emerge weeks ago that it was once again set to wield the axe.
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