Job Layoffs

Lloyds cuts 3,000 jobs as Brexit fears take shape

Britain's Lloyds Banking Group said Thursday it plans to eliminate 3,000 jobs and close 200 branches — the first big cuts announced since Britain voted to leave the European Union.

Lloyds is expanding its cost-savings program because of changing consumer behavior and the expectation that interest rates will now remain lower for a longer period than previously expected as a result of the vote, the bank said. The cuts, which are equivalent to about 4 percent of Lloyds' workforce and almost 10 percent of its branch network, come in addition to previously announced reductions and are expected to save an additional 400 million pounds ($528 million) annually.