New Lloyds CEO Cuts 15,000 Jobs in Revival Plan

Lloyds CEO
Lloyds CEO

By Sudip Kar-Gupta and Steve Slater

(Reuters) - Lloyds will axe 15,000 jobs and halve its international presence, a plan its new boss hopes will save 1.5 billion pounds ($2.4 billion) a year by 2014 and return the part-nationalized British bank back to health.

Chief Executive Antonio Horta-Osorio, presenting his overhaul of the bank on Thursday after 122 days in charge, aims to cut through middle management and make the bank simpler and more agile.