News

Lloyds Bank cutting 780 jobs as consumers shun branches

February 27, 2020

Lloyds Banking Group is slashing 780 jobs as the U.K. financial institution faces an industry wide shift of customers moving away from in-person branch visits to digital banking. 

United, a UK-based labor union, announced Wednesday that Lloyds notified workers about 780 jobs at branches across its Lloyds, Bank of Scotland and Halifax bank brands. Union officials said they understood the changing nature of the banking industry but urged Lloyds to reconsider the cuts. 

Company officials confirmed that it cut jobs in an email, but address specific details of the number and location of the cuts. 

"As customers are using our branches less often, we are reducing the number of roles across our branch network," a spokesperson for Lloyds said via email. "This means we can shape our service according to customer behavior and local demand. Change does mean difficult decisions and we are focused on supporting our colleagues at this time."

Officials familiar with the bank confirmed there would not be any specific branch closures. 

Cover image: Lloyds