Lloyds Banking Group Plc, Britain’s biggest mortgage lender, will cut 15,000 jobs and reduce costs by an additional 1.5 billion pounds ($2.4 billion) as it withdraws from overseas units and increases its U.K. focus. The shares soared the most in more than a year.

The savings will result from cuts to management functions, by centralizing some roles and by withdrawing from more than 15 of its 30 overseas units, the London-based bank said in a statement issued before its presentation to investors in London. HSBC Holdings Plc today said it would cut 700 posts.

“Lloyds must become leaner, more agile and more responsive to our customer needs,”, Chief Executive Officer Antonio Horta- Osorio, 47, said today in a conference call with journalists outlining his first strategic review since he took the job in March