Thursday, February 2News That Matters

Lloyds Bank 'to cut 6,000 jobs but create 8,000 new ones'

Lloyds Banking Group is expected to confirm it is cutting 6,000 jobs and creating 8,000 new ones as it overhauls its digital services.

Britain’s biggest High Street lender has been trying to reorganise as more people bank online, rather than going into branches.

The 6,000 job cuts are expected to be spread across the bank and unions have been briefed.

Lloyds Banking Group has so far declined to confirm the reports.

According to Sky News, the cuts are expected to fall in divisions like corporate and retail banking, while the 8,000 new roles will be focused on digital services.

It is understood that bank will not be announcing further branch closures.

Unions are expected to discuss the changes with staff on Tuesday morning, with workers in the 6,000 affected posts expected to be able to apply for one of the new roles.

Lloyds has been shutting High Street outlets as more customers do their banking through apps or on the internet.

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

However the lender has also been 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.

In the three months to 30 September, total revenue at the bank rose to £4.7bn from £4.6bn a year previously, while profit before tax fell 7% to £1.8bn.

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BBC News – Business

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