PriyaPatelLloyds Banking Group is set to cut 1,600 jobs from its branch network as part of a corporate overhaul aimed at reducing costs and pushing customers towards digital services. The move comes as more than 21 million of Lloyds’ 26 million customers choose to use online banking. However, the cuts will likely raise concerns for the 8% of Lloyds customers, about 2 million people, who rely on branches to manage their accounts. Lloyds will create 830 jobs in its relationship growth team to provide a hybrid service of in-branch, video, or phone appointments for customers. The bank plans to close about 114 branches this year, leaving a network of 1,061 sites.
Keywords: Lloyds Banking Group, job cuts, branch network, online banking, digital services
