The cuts are believed to be part of a £1bn cost-saving plan.
Reports say hundreds of jobs are likely be shed from the bank’s head office as well as thousands more from branches.
Antonio Horta-Osorio, the new chief executive of the bank is set to reveal the outcome of the review on June 30.
A spokeswoman for Lloyds Group says the weekend’s reports were total speculation and it has no comment.
Lloyds Group is currently looking to offload 600 of its branches, as ordered to by the European Union, reports at the weekend suggest Co-operative Financial Services, Virgin Money and NBNK and Bank of China are all looking to buy the branches.
The Chinese state-owned bank is understood to have requested the information memorandum relating to the sale.