Lloyds Banking Group wil cut 3,000 jobs and shut down 200 branches across the UK in high street locations by the end of 2017. The bank, which also owns Halifax and is 9 percent owned by the government, currently employs 75,000 people. This scheme to reduce costs has come in anticipation of a reduction in interest rates that governor of the Bank of England Mark Carney reveald will take place on August 4. Interest rates will drop to a historic low from .05 percent to 0.25 percent. The job cuts are a follow up to Lloyds’ previous three-year cost-cutting programme that cut 9,000 jobs and closed down 200 branches.
