Lloyds Banking Group slashing 1,600 jobs: branch network gets hit.

Lloyds Banking Group has announced plans to cut around 1,600 jobs across its branch network as part of its shift towards online banking. The cuts will result in an overall net reduction of around 769 jobs, as the bank plans to introduce 830 new roles in an expanded Relationship Growth team. Lloyds said that more customers are choosing to manage their banking online, with just 8% using a branch exclusively. The bank aims to ensure that its staff are available to customers “when it matters most”.

Key points:
– Lloyds Banking Group will cut around 1,600 jobs across its branch network as part of a move towards online banking.
– The bank plans to introduce 830 new roles in its Relationship Growth team.
– More than 21 million of Lloyds’ customers currently choose to use online or mobile banking.