Lloyds Banking Group to cut 1,600 jobs across branch network

(Sharecast News) - Lloyds Banking Group said on Thursday that it will cut around 1,600 jobs across branches as it continues to shift its focus to online banking. As part of the rejig, the bank will introduce more than 830 new roles in an expanded Relationship Growth team, which is part of its Consumer Relationships business.

Combined with the branch network job losses, this will result in an overall net reduction of around 769 jobs.

A spokesperson for the bank said: "As more customers choose to manage their day-to-day banking online, it's important our people are available when it matters most. We're introducing a number of new roles and making changes to our branch teams so our customers can see us how and when they want to."

Lloyds noted that more than 21m of is customers choose to bank online or through its mobile app, with just 8% opting to use a branch exclusively to manage their money.