Lloyds job losses are set to exceed 43,000 as part of a strategic review under chief executive Antonio Horta-Osario.
The taxpayer-backed bank will shed another 15,000 positions on top of the 28,000 it already culled since its merger with HBOS, according to The Telegraph.
Management level positions could be for the chop and the bank is understood to be considering scaling back its international operations to focus on emerging economies.
The cuts come as the bank becomes embroiled in a row over the number of branches it should sell as part of its government bailout conditions. Lloyds has started the process to sell 632 branches, which was ordered by the EU, but the Independent Commission on Banking (ICB) could push the bank to sell more.
It is though the Treasury will force the ICB to reveal how many branches it wants to see sold.
The branches have already attracted interest from Richard Branson’s Virgin Money and could be joined by Co-operative Financial Services, Bank of China and NBNK.