Cuts in finance sector

Lloyds, Virgin Money and Direct Line axe jobs

Virgin Money is cutting branches (pic: Terry Murden)

Lloyds Banking Group, Virgin Money and Direct Line delivered a triple jobs blow with announcements of big cutbacks.

Lloyds will axe the equivalent of 780 full-time jobs this year across its branch network, which includes Bank of Scotland and Halifax.

Among the roles to go are customer advisers, banking consultants and branch managers.

The bank, which announced branch closures earlier this year, said the latest job cuts would not mean more sites being closed.

“As customers are using our branches less often, we are reducing the number of roles across our branch network,” a spokeswoman said.

Virgin Money, the new brand name for Clydesdale Bank owner CYBG, also blamed customers’ shifting tastes for job losses and branch closures.

It will cut 215 jobs through the closure of 52 branches and about 300 from offices in Scotland, Leeds and North East England.

Lucy Dimes, group business transformation officer at Virgin Money UK, said: “As our customers change the way they want to bank with us, we are evolving the role of our stores – investing in all of the ways that customers are choosing to bank with us.”

Direct Line is telling staff about plans for 800 job losses across various sites between 2021 and 2022.

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