- Lloyds cuts 1,600 jobs
- Shift to online banking
- Branch closures due to inactivity
The branch network of Lloyds Banking Group will lose approximately 1,600 employees as the organization transitions to online banking.
In addition to creating 830 new positions, the strategy will result in a net reduction of 769 positions.
A spokesperson stated, “In order to provide our customers with accessibility at their convenience, we are implementing modifications to our branch teams and introducing several new roles.”
Certain personnel will be extended voluntary redundancy offers, and the losses are anticipated not to affect the lowest-ranking staff members.
The newly created positions will be customer-facing and demand services via telephone, video conferences, and branch locations.
In contrast to more than 21 million customers who rely solely on mobile or online banking, only 8% of clients visit high street branches to conduct their financial transactions, as reported by the Lloyds Banking Group on Thursday.
Lloyds, similar to other prominent high street institutions, has been undertaking the closure of branches throughout the nation.
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The Lloyds Banking Group comprises Royal Bank of Scotland and Halifax as subsidiaries.
The group announced in June that, between September and May 2024, it would close the doors on 21 Lloyds Bank locations, 15 Halifax high street branches, and 17 Bank of Scotland properties.
The announcement of the closure of forty Lloyds and Halifax locations was made in January of last year.
The organization stated that the number of visits to branches to be closed had decreased by an average of 60% over the previous five years.
