Lloyds Bank is closing 100 high street branches, with more than 400 job losses

 
Emma Haslett
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Doubts Over Government Economic Plans Hit Banking Shares
The plans come weeks after Lloyds announced 29 branch closures (Source: Getty)

Lloyds Bank is planning to close 100 branches between July and October this year, leading to 400 job losses, it said today.

The lender said the closures were part of an announcement it made in July last year, when it said 200 branches will close.

However, it added today that it will create another 96 roles, meaning the total number of role reductions will be 325.

"These branch closures – previously announced in July 2016 - are in response to changing customer behaviour, and the reduced number of transactions being made in branches," said a spokesperson.

“We are committed to working through the changes announced today in a careful and sensitive way. All affected employees have been briefed this morning, and our recognised unions, Accord and Unite, were consulted in advance and will continue to be consulted throughout the process.

“The group’s policy is always to use natural turnover and to redeploy employees wherever possible to retain their expertise and knowledge within the Group. Where it is necessary for employees to leave the company, wherever possible, this is achieved through offering voluntary redundancy. Compulsory redundancies will always be a last resort.”

“The continuous stream of branch closures announced by the UK’s retail bank branches appears to show no signs of ending. The loss of a further 100 local banks will be painful for high streets across the country to absorb," added Rob MacGregor, Unite national officer.

The news comes months after the lender announced plans to close 29 branches and cut its workforce by 10 per cent, with thousands of tech roles being outsourced.

Earlier this month the government cut its stake in Lloyds to below two per cent. Until January it was the lender's largest shareholder following its bailout during the financial crisis.

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