Replies to post #217847 on Option Millionaires

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$LYG,...Lloyds reportedly set to cut more than 10% of workforce

Lloyds (LYG -1.6%) will announce the roughly 9K in job cuts alongside Q3 results next Tuesday, reports Sky News.

The move comes as customers in the U.K. - as in the States - flock to online/mobile banking platforms. The bank has over 10M clients actively using online banking services, including 4.5M on mobile, a level which has quadrupled over the past three years.

Not expected to be included in next week's update are details of when the dividend might be reinstated, as Lloyds faces European and U.K. stress tests between now and the end of the year.