Lloyds Banking Group is axing 1,755 more jobs and closing 29 branches of Lloyds, Bank of Scotland and Halifax

 
Lynsey Barber
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Fewer Lloyds branches will be on the high street (Source: Getty)

More than a thousand jobs will go at Lloyds and 29 branches will close in its latest round of cuts designed to reduce its workforce by 10 per cent by 2017.

The axe will fall on staff at Lloyds' retail businesses as well as commercial banking, consumer finance and legal departments.

Around 1,000 jobs went at the end of last year. The latest round of 1,755 job losses brings the total lost since 2014 to more than 5,000 so far. The bank will create 170 new jobs, bringing todays net loss down to 1,585, however.

Read more: Lloyds share sale delayed due to market volatility

Union Accord said it hopes a large number of the redundancies will be voluntary.

Branch closures will include Lloyds, Bank of Scotland and Halifax and they will shutter in June.

Lloyds' latest restructuring plan under Antonia Horta Osorio comes as the government prepares to end its public ownership and return the bank into private hands.

George Osborne last week revealed the sale of shares to retail investors would be delayed due to market volatility.

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