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Lloyds cuts 3,000 jobs as Brexit fears take shape

Posted: 3:17 AM, Jul 28, 2016
Updated: 2016-07-28 08:17:14Z
Lloyds cuts 3,000 jobs as Brexit fears take shape
LONDON (AP) — Lloyds Banking Group says it is cutting 3,000 more jobs and closing an additional 200 branches as it adjusts to changing consumer behavior and the uncertainty created by Britain's decision to leave the European Union.
 
The announcement Thursday comes despite what CEO Antonio Horta-Osorio described as "robust" underlying profit of 2.1 billion pounds ($2.8 billion) in the second quarter. But he added that following the EU referendum the outlook for the economy is uncertain and slowing growth "seems likely."
 
Laith Khalaf, a senior analyst at Hargreaves Lansdown, says Lloyds is more exposed than other banks to leaving the EU "because it is so heavily plugged into the U.K. economy, and the Brexit vote has raised a dust cloud of uncertainty around the future economic prospects for the country."