BY MARGOT PATRICK
LONDON—Lloyds Banking Group PLC's shares leapt more than 7% Thursday after Chief Executive Antonio Horta-Osorio said the bank will cut costs sharply and invest in its four key U.K. units as part of a keenly awaited strategy revamp.
Under the new strategy, Lloyds is to cut 15,000 jobs, make major investments in its Lloyds TSB, Halifax, Bank of Scotland banks and Scottish Widows insurance business, tap more wealthy customers in the U.K. and reduce its international presence to around 15 countries from 30.
By 2014, it expects to have shaved £1.5 billion ($2.41 billion) from annual costs, adding to ...
From: http://online.wsj.com/article/SB10001424052702304584004576416980074323922.html?mod=WSJ_hp_LEFTWhatsNewsCollection
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