Sector movers: Lloyds, Barclays pull banks higher

The banking sector is in demand on Monday with blue chips Lloyds and Barclays among the notable risers.Lloyds is making gains amid speculation that it is planning to get rid of 15,000 jobs in an attempt to rein in costs. The Sunday Times reported that the plans were being implemented by its new head Antonio Horta-Osorio and will see jobs axed across its UK and international operations, adding to the 28,000 posts already cut over the past two years.Barclays is also firmer after it announced that it is to settle the payment protection insurance (PPI) mis-selling scandal, compensating customers on a "no questions asked" basis.Imperial Tobacco is providing a drag in the tobacco sector.The company slashed profit expectations for its Spanish business after competition in the country forced it to cut prices for cigarettes. Imperial, whose brands include Lambert & Butler and Gauloises Blondes cigarettes, said operating profits in Spain could fall short of previous expectations by up to £110m. ---BCTop performing sectors so far todayMobile Telecommunications 3,686.94 +1.44%Technology Hardware & Equipment 746.24 +1.04%Fixed Line Telecommunications 2,392.98 +0.96%Banks 4,375.23 +0.89%Gas, Water & Multiutilities 4,630.57 +0.87%Bottom performing sectors so far todayHousehold Goods & Home Construction 6,578.22 -1.08%Automobiles & Parts 4,802.39 -0.87%Industrial Transportation 2,527.85 -0.73%Financial Services 5,770.39 -0.45%Tobacco 30,833.57 -0.44%