We expect a reduction of 15,000 roles as a result of the simplification program over the period, Lloyds said in a statement on Thursday.
The British bank said it expected to deliver some 1.5 billion pounds of annual savings in 2014, which would allow it to invest an extra 2 billion pounds in its core retail banking activities.
It would also cut back its overseas presence.
Lloyds and Royal Bank of Scotland
Lloyds shares closed up 1.1 percent at 44.66 pence on Wednesday.
(Reporting by Sudip Kar-Gupta; editing by Paul Hoskins)