/retail banking

News and resources on retail banking, consumer finance and reinventing customer experience in finance.
Lloyds axes another 60 branches

Lloyds axes another 60 branches

Lloyds Banking Group is shutting another 60 branches, once again citing customer migration to digital channels.

The group is closing 24 Lloyds Bank branches, 19 Bank of Scotland branches and 17 Halifax branches by the end of the year, resulting in the loss of 124 jobs.

The bank had already closed more than 90 branches over the last year but will still have a network of 1416.

Explaining its decision, Lloyds says it now has 18.6 million regular online banking customers, up 12% over two years. It also has 15 million mobile app users, up 27% in the same period.

However, Unite the Union says local communities will "have their heart ripped out" by the closures.

Caren Evans, Unite national officer, says: “Unite is clear that simply leaving an ATM in place of a vibrant bank branch is wholly insufficient.

“The banking sector needs to answer some serious questions about its corporate social responsibilities and the government cannot stand back and allow the relentless closure of banks to continue until no more local banking services remain.”

In the last few weeks HSBC and NatWest have also announced further branch closures, both citing the move to online and mobile services.

Comments: (0)