Lloyds Banking Group to cut extra 3,000 roles

Special dividend under threat

Lloyds shares fell 4% in early trading after the bank announced 3,000 jobs would be lost in a cost-cutting drive, as the group warns of a "deceleration of growth" following the Brexit vote.

According to the BBC, the bank plans to axe 3,000 roles in addition to the 9,000 job cuts announced in 2014.  It also plans to double the number of branch closures, with 200 more branches set to shut by the end of 2017. Chief executive Antonio Horta-Osorio said a "deceleration of growth seems likely" following Brexit and the changes were in light of the possibility of a cut in interest rates (or lower for longer rates), as well as a response to the changing way people do banking. However, he emphasised Lloyds was in a "strong position to withstand the uncertainty" created by the vo...