Lloyds Bank to cut further 520 jobs and close 49 branches

Lloyds Banking Group is to cut a further 520 jobs as part of a three-year restructuring plan announced in October 2014 aimed at cutting costs and improving returns for shareholders.

The latest lay-offs will affect workers in divisions including retail, commercial banking, insurance, and consumer finance, the bank said on Wednesday.

These cuts follow 5,500 net job cuts the bank has already made this year. The net total of cuts is inclusive of 145 new roles that will be created across those business areas.

A spokeswoman for Lloyds said all affected staff had been briefed by managers on Wednesday, and the bank had notified the union Unite, which has been critical of past Lloyds job-cut announcements.

The bank also said it would close 49 branches, beginning in the first quarter of next year, and introduce a new mobile banking service in some areas affected by branch closures.

Lloyds has closed 153 branches so far this year, the spokeswoman said.

On October 26th, the bank reported third-quarter profits largely unchanged from a year ago, defying expectations of a squeeze on earnings after the vote in June to leave the EU.

Lloyds shares were down 0.5 per cent in afternoon trading, in line with slight losses at other British banks following Mr Trump's victory. – Reuters