Shares in British banks were up on the FTSE 100 in morning trading following a report that Lloyds Banking Group is planning to cut 15,000 jobs in a bid to save a billion pounds.

The cost saving exercise was reported in the Sunday Times and appeared to boost confidence in Lloyds shares.

However banking shares in general rallied today after a week of sell offs, prompted by poor economic data from around the world and ongoing concerns that Greece could default if a second bailout is not confirmed soon.

By 11:10 shares in Lloyds Banking Group were up 0.89 per cent to 47.42 pence per share, RBS shares rose 0.84 per cent to 40.94 pence per share, Barclays shares climbed 0.98 per cent to 259.00 pence per share and HSBC shares rose 0.68 per cent to 618.00 pence per share.

Overall the FTSE 100 was up 0.17 per cent to 5,775.59.

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