Lloyds axes IT staff, closes 23 branches

Lloyds axes IT staff, closes 23 branches

Lloyds Banking Group is shutting 23 branches later this year and cutting around 640 jobs, many of them in technology operations.

The move is part of a three year plan first outlined in late 2014 to make 9000 job cuts and close 150 branches while also pumping an additional £1 billion into digital channels.

Explaining the restructuring programme then, chief executive António Horta-Osório said that the bank would "adapt to the changes in financial services brought about by shifts in technology, changing customer behaviour as well as the evolving competitive and regulatory environment".

Staffers in areas such as tech, consumer banking and retail wealth management were told that their jobs were going today. Lloyds says that it is also creating 115 new roles, meaning that that the net loss is 525.

Says the bank in a statement to the FT today: "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."

Comments: (1)

Hitesh Thakkar
Hitesh Thakkar - SME - Fintech startups (APAC and Africa) - India 30 June, 2016, 13:19Be the first to give this comment the thumbs up 0 likes

Thanks for sensible transformation ofcourse, job cut gives gloomy feeling for the employees but, reinforcing role of branch in future well appriciated.