Barclays and Lloyds set the next round of job cuts

|About: Lloyds Banking Group plc (LYG)|By:, SA News Editor

Lloyds (LYG +3.6%) announces 1K job cuts, mostly in risk, retail, and commercial banking. The bank has previously targeted 15K cuts this year, and the latest announcement brings the running tally to 11,760.

Lloyds remains 33% owned by the U.K. government and is speedily pushing its restructuring ahead of a possible sale of that stake.

Barclays (BCS +2.2%) is set to cut several hundred investment banking jobs, reports the WSJ, with most of the reductions expected to be at the managing director level. Last year, the bank said it plans to cut 1.8K investment banking jobs as it seeks to boost segment margins.