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Lloyds to lay off 15,000 by 2015

LONDON, June 30 (UPI) -- British financial giant Lloyds Banking Group said it would lay off 15,000 workers by 2015 as it restructures to become self-supporting again.

The New York Times said Thursday that Lloyds was paving the way for the government to sell its shares in the bank that required massive taxpayer held to get through the financial crisis.

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The government owns 41 percent of Lloyds. Through restructuring and layoffs, the company said it could save $2.4 annually in operating costs.

Chief Executive Officer Antonio Horta-Osorio said, "This will be a journey, and it will take three to five years."

"This bank has lost money and is losing money, and we have to get this bank back on its feet to support the U.K. economy and in order to repay taxpayers' money," he said.

In the first quarter, Lloyds lost $3.85 billion largely due to a settlement with investors who lost money on derivatives, the Times said.

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