Lloyds Banking Group (LLOY.L) has announced it will cut 15,000 jobs as part of a drive to deliver £1.5 billion of annual savings in 2014.

The job losses were announced in the publication of the bank's strategic review, and will also see a number of changes to the organisational structure.

The banking group has also announced it will be reducing its international presence halving the number of of countries it operates in by 2014.

The bank is also set to 'revitalise' the Halifax brand as a 'leading challenger' in the sector.

Antonio Horta-Osorio, group chief executive, said the group would concentrate on attractive UK segments, which will see a renewed focus on wealth management.

He said, 'Our aim is to become the best bank for customers. We have around 30 million customers, iconic brands including Lloyds TSB, Halifax, Bank of Scotland and Scottish Widows, and high-quality committed people.

'We will unlock the potential in this franchise over time by creating a simpler, more agile and responsive organisation, and by making substantial investment in better-value products and services for our customers, to deliver strong, stable and sustainable returns for our shareholders.'

The group is aiming to invest £2 billion until 2014 to grow its core customer business, which will include investment in the three high street bank brands.

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