Lloyds closes 49 branches, cuts 305 roles

BREAKING Lloyds Bank to cut over a thousand jobs as 49 branches are AXED

BREAKING Lloyds Bank to cut over a thousand jobs as 49 branches are AXED

In February the bank vowed to spend more than £3 billion on IT as more customers are accessing their accounts online.

The bank said that more than 900 new roles would be created as part of the plan.

Banks are nonetheless pressing ahead with further cuts, focusing efforts on getting customers to use mobile apps to do the bulk of their transactions and save branch visits for the most complex of their needs. The company said it would take effect between July and October.

It will be shutting down Halifax and Lloyds Bank branches, but - this time - the Bank of Scotland has survived the cut.

Lloyds adds that 90 per cent of the role reductions it has made since 2011 have been achieved through a combination of natural attrition, redeployment and voluntary redundancy.

Lloyds previous year said it would shut 100 branches with hundreds of jobs being impacted, while in February, it announced another 465 roles were being cut.

The lender said the latest round of job losses would mostly be offset by the creation of 925 roles as part of its £3bn three-year investment programme, focussed on boosting its digital banking and pensions services.

The group recently unveiled a 24% surge in bottom line profits to £5.3bn for 2017 and revealed it handed boss Antonio Horta-Osorio a £6.4m pay package, up 11% on 2016.

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