Lloyds Banking Group planning to cut thousands of jobs

Lloyds Banking Group

Lloyds Banking Group has confirmed that it is cutting 6,240 jobs and creating 8,240 new ones as it overhauls its digital services.

Lloyds said that 75% of the new roles would be filled by existing staff, but that some specialist roles such as data scientists would come from outside. Unscheduled branch closures will be unaffected but its site in Gillingham will close.

Britain’s biggest High Street lender has been reorganising as more people bank online, rather than in branches. Lloyds said some existing jobs would be refreshed and some new ones created, with staff being retrained.

Lloyds has been shutting High Street outlets as more customers do their banking through apps or on the internet and a massive cost-cutting exercise.

This year it earmarked a further 60 branches for closure, while in 2017 it closed 54 Lloyds branches, and Lloyds also closed 24 branches from its Bank of Scotland brand and 22 high street branches belonging to the Halifax.

However, the lender has stressed, it is also creating new jobs, and this summer promised to invest £3bn in technology and staff training as part of a three-year plan to transform the business.