Birmingham, July 15: Lloyds is one of the oldest British retail and commercial banks that provides financial and banking services to customers in retail and commercial sectors. UK-based Lloyds Banking Group reportedly announced its plans to save costs by cutting back on taxis and business class flights to lower expenses. Lloyds Bank also aims to lay off employees this year to save more costs. 

According to the report by Financial Times, Lloyds Bank would have to curtail the use of their taxis and business class flights to control the costs. The bank will also announce the latest round of Lloyds Bank layoffs to bring down the costs. According to the memos sent to the bank staff members, the company would likely reduce its expenses and carbon footprint. SolarEdge Layoffs: Israel-Based Solar Energy Tech Company Likely To Announce New Round of Job Cuts Amid Ongoing Difficulties, Says Report.

FT said the Lloyd Bank sent the memo to its corporate and institutional staff earlier this month. The report further highlighted that the bank had been in the middle of a four billion pound strategic overhaul and would make a few adjustments to its travel policy to reduce costs and carbon footprint. The company's market-based carbon emission rose 5% during 2022-23, attributed to higher travel and commuting.

According to the report, the Lloyd Bank spokesperson stated that the bank would look for every opportunity to maintain its industry-leading cost management and strategic focus. The spokesperson further added that the company would support its zero net ambition. Moreover, the four billion pound strategic overhaul would diversify income away from mortgages, leading to income streams less dependent on changes in interest rates, including wealth management and insurance. Telangana: Hyderabad IT Firm’s Founder Kidnapped by 8 Employees for Delaying Salaries, Arrested by Police.

The report said the company would announce a round of Lloyd layoffs and overhaul its risk function. The report briefly explained that the layoffs at Lloyd Bank would affect the risk management department as it found a "blocker to its strategic formation" during an internal review.

(The above story first appeared on LatestLY on Jul 15, 2024 02:34 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).