Lloyds Bank to cut over a thousand jobs as 49 branches are AXED
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.
Lloyds bank axe 1,230 jobs as it announces plans to shut down 49 branches
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.”
North to South Lloyds branches will be closed
The full list of the 49 banks closing include 41 Lloyds and eight Halifax.
Lloyds Bank branches closing:
Alford - Lincolnshire
Bishops Cleeve - Cotswolds
Bovey Tracey - South Devon
Bridgend Industrial Estate - South Wales
Brierley Hill - West Midlands
Brightlingsea - Essex
Butler Place - West End
Chatteris - The Fens
Clare - Essex
Cockermouth - North Lancashire & Cumbria
Colchester University Of Essex - Essex
Coningsby - Lincolnshire
Cricklade - Cotswolds
Croydon George Street - South East London
Dawlish - South Devon
East Wittering - Surrey & South Downs
Frinton-on-Sea - Essex
Hassocks - Sussex
Hednesford - South Staffordshire
Henley-in-Arden - Cotswolds
Hull Derringham - North & East Yorkshire
Keswick - North Lancashire & Cumbri
Lakenheath - The Fens
Ledbury - East Wales & Borders
Mablethorpe - Lincolnshire
Midhurst - Solent
Ottery St Mary - Somerset & Devon
Plymouth Southway - South Devon
Royton - Central Lancashire
Rye - Kent
Selsey - Surrey and South Downs
Soham - The Fens
St Leonards-on-Sea Silverhill - Kent
Stalybridge - Manchester
Stevenage High Street - Hertfordshire
Teddington - South West London
Upton-upon-Severn - Severn
Watton - East Anglia
Wealdstone - North West London
West Ealing - West London
Wingham - Kent
Lloyds to axe 1,230 branches
Halifax bank branches closing:
Chester St Werburgh - Chester
Harold Hill - Essex
Knightsbridge - West London
Portswood - Southampton
Preston Orchard Street - Preston
Sowerby Bridge - west Yorkshire
Walsall Park Street - West Midlands
York Davygate - York
It has also vowed to expand its mobile branch network by another seven to 36 to assist the branch closures.
In February the bank vowed to spend more than £3 billion on IT as more customers are accessing their accounts online.
The bank had 70,255 staff as of the end of June, down from around 99,000 employees in 2011.