Lloyds Banking Group has appointed CBRE to provide transactional advice across its 20m sq ft portfolio of offices and retail banks, as tipped by Property Week.

Jones Lang LaSalle is to be relieved of the prized mandate, two and a half years into a three-year contract.

CBRE will provide corporate services for all 3,000 properties for a three-year period.

The contract is thought to be worth $10m a year — before transaction fees are taken into account.

It was thought to be one of JLL’s largest UK corporate solutions contracts.

Lloyds is in the process of cutting 1,600 jobs, including 300 from its property division.

Mitie intends to take around 270 staff and CBRE plans to employ 17 staff, who will continue to work for the company’s property division.

The bank plans to cut 15,000 posts over a three-year period.