/retail banking

News and resources on retail banking, consumer finance and reinventing customer experience in finance.
Lloyds Banking Group to close 56 more branches

Lloyds Banking Group to close 56 more branches

Lloyds Banking Group will close another 56 branches across the UK later this year, resulting in the loss of around 80 jobs.

The group plans to shutter 31 Lloyds, 10 Halifax and 15 Bank of Scotland branches between April and October in response to the migration of customers to digital channels. The group has closed hundreds of branches over the last few years.

Banking union Accord says that fewer than 80 employees are expected to lose their jobs, with the majority of those affected moved to other branches.

Says Accord: "We fully appreciate that the demand for high street branch banking is diminishing as customers increasingly move to app-based banking but we’ll be examining LBG’s plans to ensure that they’re properly thought through and robustly evidenced."

Consumer group Which? is less sanguine. Says money editor Jenny Ross: “The loss of yet more branches to an already devastated network will hit communities across the UK hard, as there is still a clear demand for access to traditional banking services and cash.

“If the industry wants to encourage people online then banks must demonstrate that their systems are up to scratch by drastically reducing the number of IT outages that customers endure - and also by equipping them with the skills needed to benefit from digital services.

“The government should urgently intervene with legislation that protects access to cash as a vital backup and for as long as it is needed."

Comments: (0)