Lloyds Banking Group to Cut Hundreds of Jobs at Branches in Online Push
January 25 2024 - 9:24AM
Dow Jones News
By Elena Vardon
Lloyds Banking Group plans to cut hundreds of jobs across its
branches, increasing the focus on its digital offering given more
customers bank online.
The British lender will remove around 1,600 jobs within its
branch network, a spokesperson said Thursday. It will also create
830 roles in its relationship-growth team to provide improved
service to clients in branches and over video and phone calls,
leading to a net reduction of around 769 roles, the spokesperson
added.
"The way customers choose to bank with us has changed rapidly in
recent years: with more than 21 million customers choosing to bank
with us online or through our mobile apps, and just 8% of customers
choosing to use a branch exclusively to manage their money," the
spokesperson said.
Lloyds Banking Group had around 59,000 employees at the end of
2022, according to its latest annual report. The company's most
junior employees won't be affected by the reductions, according to
the spokesperson.
Write to Elena Vardon at elena.vardon@wsj.com
(END) Dow Jones Newswires
January 25, 2024 10:09 ET (15:09 GMT)
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