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Lloyds to cut 640 jobs, close 23 branches

Staff writer |
Britain’s state-backed Lloyds Banking Group has announced to cut 640 jobs and close 23 branches, as part of its three-year restructuring programme to reduce costs.

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In October 2014, it announced to shed 9,000 jobs and shut down 200 branches over three years.

However, it would create 115 new positions across the group's operations, taking the net job losses in the latest move to 525. The bank plans to close the branches in October.

The company was quoted by City A.M. as saying in a statement: "Branches will continue to play an important role in our multi-channel approach to meeting customer needs and we expect to continue to have the biggest branch network in the UK.

"Lloyds Banking Group is committed to working through these changes with employees in a careful and sensitive way. All affected employees have been briefed by their line manager today. Accord and Unite were consulted prior to this announcement and will continue to be consulted."

The layoffs comes at a time when the UK government is reportedly looking to delay the sale of its stake in Lloyds and Royal Bank of Scotland (RBS) due to market volatility triggered by Brexit vote.

Currently, the treasury holds 73% stake in RBS and 9% in Lloyds. Earlier this year, Lloyds announced plans to shed 1,775 jobs and close 29 branches, as part of the three-year cost cutting plan.

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