Lloyds Banking Group, one of the UK's largest banks, has announced it will cut 15,000 jobs as part of the bank's overall cost-cutting programme, reports the BBC . Most jobs will be closed during the reorganization process, but layoffs are still inevitable, the BBC notes.

On June 30, Lloyds Banking Group published the bank's strategic development program on its official website . It includes cutting annual costs by 1.5 billion pounds ($2.4 billion) by 2014. It is expected that the cost-cutting program will cost the bank 2.3 billion pounds, but by 2014 it will generate 3.2 billion for new investments. Lloyds Banking Group plans to use the freed-up funds to revive the Halifax brand.

Lloyds also plans to reduce the volume of its operations abroad, focusing on serving British customers. There are plans to close the bank's branches in 15 out of 30 countries. The bank does not intend to close its branches in the UK. The layoffs will primarily affect middle managers and employees of the bank's operational departments.

According to the BBC, the upcoming layoffs could have a serious impact on the entire British economy. Investors reacted positively to the bank's published program - the share price of Lloyds Banking Group on the London Stock Exchange immediately increased by 7.2 percent.

Trade unions reacted negatively to the news of the impending layoffs. It should be noted that the company has already reported the reduction of 27.5 thousand jobs as a result of its merger with HBOS (Halifax Bank of Scotland) in 2009.

The bank's strategic development program was developed by Antonio Horta-Osorio, who headed Lloyds Banking Group on March 1, 2010. The Portuguese top manager previously promised that the bank would be able to abandon government subsidies by the end of 2011.

On June 30, another large bank announced massive layoffs. The largest US investment company, Goldman Sachs, announced the reduction of 230 jobs (less than 1 percent of its total number of employees) due to the “difficult economic situation,” reports Agence France-Presse .

Lloyds Banking Group will cut 15 thousand jobs