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

Tuesday, April 17, 2018
By Paul Martin

LLOYDS Banking Group, which runs Lloyds Bank, Halifax and Bank of Scotland has announced plans to cut 1,230 jobs and axe 49 branches across the UK.

Tue, Apr 17, 2018

In a further blow to the UK’s highstreet, 1,230 jobs will be axed across Lloyds branch network, while some central functions will also be terminated as part of this move.

In a statement, the banking giant said it would try and redeploy people wherever possible and only administer compulsory redundancies as a “last resort”.

The group is also creating 925 roles elsewhere in the business and insisted the overall job losses would be 305.

The new roles being created will come as part of a pledge to invest $3billion on technology and training staff under a new three-year strategy.

A spokesman for Lloyds said: “These branch closures are in response to changing behaviour and the reduced number of transactions being made in branches.”

On the job cuts, he said: “The group’s policy is always to use natural turnover and to redeploy people wherever possible to retain their expertise and knowledge within the group.

“Since 2011, over 90% of role reductions have been achieved through a combination of natural attrition, redeployment and voluntary redundancy.

“Where it is necessary for employees to leave the company, we will look to achieve this by offering voluntary redundancy. Compulsory redundancies will always be a last resort.”

Mike Cherry, chairman of Federation of Small Businesses said: “Lloyds’ decision to accelerate its bank branch closure programme will come as a real blow to small businesses in the local communities affected.

“Bank branches provide a number of vital services to small business owners, from cash floats and deposits, to support with access to finance, to assistance with opening new accounts.

“Withdrawing branches from communities comes with real risks to small firms. Without the ability to easily deposit cash, they have to hold more of it on site. That can make them targets for crime.

“Almost all small firms use online banking. For some, though, digital platforms are no substitute for in-person support. Many small business owners have built-up relationships with branch managers that go back years – in some cases decades. That’s not something that can be replaced by an app.”

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