Lloyds Banking Group to cut 1,600 jobs across its branch network as part of shift towards online banking

Lloyds Banking Group to cut 1,600 jobs across its branch network as part of shift towards online banking

Lloyds has announced 1,600 job losses across bank branches

Jessica Sheldon

By Jessica Sheldon

Published: 25/01/2024

- 15:45

Updated: 25/01/2024

- 18:33

Lloyds Banking Group will create about 930 new roles

Lloyds Banking Group has announced it is cutting around 1,600 jobs across its branch network as it overhauls its services towards online banking.

The group said it will also be creating around 930 new roles as part of the strategy, meaning a net reduction of 769 jobs.

These new jobs will be 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.

The redundancies are not expected to affect the most junior employees.

In some situations, members of staff will be offered voluntary redundancy.

Lloyds Banking Group, which owns Lloyds, Halifax and Bank of Scotland, said just eight per cent of its customers choose to visit its branches as the sole way to manage their money

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Lloyds Bank branch and banking group logos

Lloyds Banking Group will cut 1,600 jobs across its branch network and create 930 new roles


The group said the way customers choose to bank with them has changed "rapidly" in recent years.

More than 21 million customers bank with Lloyds Banking Group online or through mobile apps.

A spokesperson for the bank 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."

Lloyds Banking Group has closed 1,062 sites across Lloyds Bank, Halifax and Bank of Scotland since 2015, according to consumer champion Which?.

It comes amid widespread bank branch closures in the UK, with 5,818 bank and building society branches having closed in the past nine years.

NatWest Group, which owns NatWest, Royal Bank of Scotland and Ulster Bank, has shut 1,333 locations, the consumer champion said, which is the most number of branch closures out of any banking group.

Meanwhile, Barclays has reduced its network the most, having shut 1,140 branches.

Amid widespread closures, research suggests many customers still want to access bank and building society branches.

A Yorkshire Building Society survey of 2,000 Britons found many prefer to operate their finances by visiting their local branch.

Chris Irwin, the director of savings at Yorkshire Building Society, said: “As this research shows, offering customers a choice of access is vitally important.

“Digital adoption has understandably sped up as a quick and easy alternative to face-to-face contact, especially during recent years.

“But, we know a large amount of people still value in-branch banking and physical records.

“Making savings accessible for our customers in a way that best suits them, be that in one of our branches, online or via our app, supports our aim to continue to provide real help to our customers and members.”

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