Lloyds Banking Group to cut 305 jobs and close 49 branches across the UK

 
Rebecca Smith
Lloyds said it was axing 49 branches
Lloyds said it was axing 49 branches (Source: Getty)

Lloyds Banking Group is cutting 305 jobs as part of plans to close 49 branches across the UK, as customers increasingly opt for digital banking rather than going into branches.

The cuts are predominantly across its branch network, and will affect some other central functions too.

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“We have confirmed the locations of some Lloyds Bank and Halifax branches which will close between July and October this year," said a Lloyds spokesperson. "These branch closures are in response to changing behaviour and the reduced number of transactions being made in branches.”

They added:

We are also announcing that our mobile branch service will be expanded to support customers in more locations with the introduction of seven new Lloyds Bank mobile branches.

This will bring the groups’ total number of mobile branches to 36 which will serve over 180 communities. All branches announced for closure have a Post Office within short walking distance so customers can still access their banking locally.

In February, the lender said it had "a landmark year", with profit before tax up 24 per cent to £5.3bn. It also kicked off a £1bn buyback programme.

Lloyds announced a £3bn investment in a three-year strategy of upgrading its digital prowess too, as it seeks to cut costs and prepare for competition.

It wants to cut costs below £8bn by 2020, translating into cuts of £180m compared to 2017, while splashing out more on training and digitising the bank's back office.

Lloyds chief executive Antonio Horta-Osorio said at the time: "During the year we successfully completed the second phase of our strategy with significant improvement in customer service, development of our market leading digital proposition including an open banking platform, targeted growth and delivery of simplification savings ahead of target."

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