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Lloyds confirms 9,000 job cuts and 150 branch closures

Lloyds Banking Group has confirmed it is cutting 9,000 jobs and closing 150 branches over the next three years.

In a strategic update on the business published today, the bank says it is targeting cost savings of £1bn a year by the end of 2017.

Lloyds says it will invest around £1.6bn over the next three years to build digital products and services, including “self service technology and investing in remote advice services”.

It also says it will also streamline its “legal entities, including our life companies.”

The bank has posted a pre-tax profit of £1.6bn for the nine months to the end of September, broadly level with the same period last year.

Lloyds has set aside a total of £2bn for “legacy and regulatory provisions”, including an additional £900m for payment protection insurance redress in Q3.

At the weekend Lloyds narrowly passed the stress test carried out by the European Banking Authority, with capital under adverse scenarios of 6.2 per cent against a 5.5 per cent benchmark.


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There are 5 comments at the moment, we would love to hear your opinion too.

  1. That doesn’t seem to be an entirely appropriate photograph of the person behind such a grim announcement for 9,000 employees. And to think that a job with a bank used to be commonly regarded as a job for life. How times change.

  2. Clearly I feel sorry for the people losing their jobs, but as a broker this is good news.!!

  3. We can only assume LTSB see ‘self-service’ as the future seeing as they’re not particularly very good at the face-to-face element of the banking process.

    Having formerly worked for a LTSB subsidary, C&G, which was completely run into the ground once LTSB finally got their hands on it, I’m not surprised.

    Too many managers, not enough innovation or respect for the businesses they had.

    C&G could’ve still been the broker lender of choice, if only Lloyds had left it alone as it was.

  4. Just wait to see the swift, decisive, powerful response from the unions. Mr António Horta-Osório is in for a horrendous experience when he opens the letter from the Unions saying they are disappointed with so many redundancies.

    Bank Unions = Waste of time/snouts in the trough/spine less and worthless.

  5. Over the past 3 years my local market town has gone from having 3 banks and 1 building society to just one bank (Lloyds), now if this closes (not saying it will) it will mean people having to travel upwards of 15 miles to the next town or bank via the interweb.

    All this just makes it very difficult for the local communities and businesses who rely on having a branch being on the doorstep instead of a 30 mile round trip to get to a bank

    Still small mercy in that at least it may free up more office space for another estate agent !!

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