Lloyds Banking Group is preparing to axe 15,000 jobs as part of a £1bn cost saving plan, according to The Sunday Times.
The plans are likely to see hundreds job losses at the bank’s head office as layers of management are removed.
The new plans are expected to form a key part of a strategy review due to be unveiled by chief executive Antonio Horta-Osorio on June 30.
The bank has already cut around 27,000 jobs since it stepped in to rescue HBOS at the height of the financial crisis.
A Lloyds spokesman says the 15,000 figure for job cuts is “pure speculation”.
The Sunday Times also reports that Co-Operative Financial Services is set to appoint Credit Suisse to advise on a potential bid for more than 600 branches Lloyds plans to sell.