Lloyds Bank: Firm to cut 1,600 jobs across branches in shift to online banking

About 1,600 jobs are set to be lost as part of Lloyds Banking Group's ongoing shift towards online banking. The overhaul will also see the banking giant create 830 roles in an expanded “relationship growth” team, where more staff will be available to talk to customers in branches, through video meetings or over the phone.

However, the redundancies are not expected to affect the most junior employees, and in some situations staff will be offered voluntary redundancy. The group, which owns Lloyds, Halifax, and Bank of Scotland, said just 8% of its customers choose to visit high street branches as the sole way to manage their money. More than 21 million customers use online or mobile banking.

A spokesperson for Lloyds said: “As more customers choose to manage their day-to-day banking online, it’s important our people are available when it matters most. We’re introducing a number of new roles and making changes to our branch teams so our customers can see us how and when they want to.”