Lloyds Banking to axe 1,600 jobs across branches
Lloyds Banking Group is planning to cut 1,600 staff from its branch network as it encourages customers to adopt digital services.
It is creating 830 jobs in its relationship growth team – amounting to a net reduction of about 769 jobs – as part of a £3 billion restructuring.
The owner of Bank of Scotland, Scottish Widows and Halifax said the decision is a response to more than 21 million of its 26 million customers opting to use online services. It said the way customers are choosing to do their banking has changed “rapidly” in recent years.
Trade union and customer groups expressed alarm and warned of the impact on the 8% of Lloyds customers who depend entirely on branches. The banking group will be left with 1,061 sites after closing 114 branches this year.
Staff union, Accord, hopes voluntary redundancy will soak up most of the lost jobs which follow 3,000 roles cut from the wider business.
A spokesperson for said: “LBG announced significant changes to its branch network structure and ways of working, which it says are necessary because of changes in customer behaviour. The move represents a significant change to the branch networks and our members.”
Lloyds said in a statement: “As more customers choose to manage their day-to-day banking online, it is important our people are available when it matters most. We are introducing a number of new roles and making changes to our branch teams so our customers can see us how and when they want to.”