LloydsTSB is cutting another 15,000 jobs but will not be shutting branches as part of its strategic review.

The main targets will be back office staff. It is not shutting branches except as part of Project Verde – the EU-mandated scheme to sell off 632 branches, the TSB and IF brands.

The review document highlights £2bn in annual savings to be made by cutting jobs, withdrawing from 15 of 30 countries where the group operates and by moving the different parts of the business onto a common platform.