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It has been a tough week for many families as Lloyds Banking Group announced that it will cut 15,000 jobs over the next three-years as part of its strategic review.

The strategic review was launched by Antonio Horta-Osorio, its new chief executive who left Santander to join Lloyds on March 1.

The bank plans to deliver annual savings of £1.5bn in 2014 though better IT platforms, less complex management structures and a simplified legal structure. The total cost of the programme will be £2.3bn.

HSBC has also said that it is going to shed up to 700 jobs ahead of the Retail Distribution Review. The move sees around 460 staff impacted in the financial advice team in the retail banking and wealth management division.

July 1, 2011

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