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UK bank Lloyds cuts 9,000 jobs and 200 branches

Lloyds Banking Group has confirmed 9,000 job losses and 200 branch closures as it moves to bolste...
Newstalk
Newstalk

09.50 28 Oct 2014


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UK bank Lloyds cuts 9,000 jobs...

UK bank Lloyds cuts 9,000 jobs and 200 branches

Newstalk
Newstalk

09.50 28 Oct 2014


Share this article


Lloyds Banking Group has confirmed 9,000 job losses and 200 branch closures as it moves to bolster its digital banking offering.

The bank, part-owned by the taxpayer, said the cuts would take place over the next three years as consumers' habits continued to shift towards online banking services.

Lloyds said it would be investing in remote advice services for customers, who would be increasingly expected to use online banking or self-service facilities within branches instead of dealing with staff face to face.

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Sources at the bank told Sky News it had previously shed 45,000 jobs since its bailout at the height of the banking crisis.

The news was contained in its latest results which showed a nine-month profit before tax of £1.61bn - 5% down on the same period last year.

The job cuts announced by Lloyds represent around 10% of its current workforce of 88,000 and form part of its plans to "digitise" the bank.

 


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