Lloyds Banking Group to Cut Hundreds of Jobs at Branches in Online Push

By Elena Vardon

Lloyds Banking Group plans to cut hundreds of jobs across its branches, increasing the focus on its digital offering given more customers bank online.

The British lender will remove around 1,600 jobs within its branch network, a spokesperson said Thursday. It will also create 830 roles in its relationship-growth team to provide improved service to clients in branches and over video and phone calls, leading to a net reduction of around 769 roles, the spokesperson added.

"The way customers choose to bank with us has changed rapidly in recent years: with more than 21 million customers choosing to bank with us online or through our mobile apps, and just 8% of customers choosing to use a branch exclusively to manage their money," the spokesperson said.

Lloyds Banking Group had around 59,000 employees at the end of 2022, according to its latest annual report. The company's most junior employees won't be affected by the reductions, according to the spokesperson.

Write to Elena Vardon at elena.vardon@wsj.com

(END) Dow Jones Newswires

January 25, 2024 10:09 ET (15:09 GMT)

Copyright (c) 2024 Dow Jones & Company, Inc.