Just weeks after announcing profits of more than £5bn, Lloyds Banking Group today announced plans to cut 305 jobs and 49 branch closures across Britain.
In total, 41 Lloyds Bank branches will close and eight branches of Halifax. The company said it would take effect between July and October.
Today’s statement read: “Lloyds Banking Group is today announcing 305 role reductions, mainly across our branch network, in addition to some other central functions.
“The changes in roles are in line with our plan to adapt to and meet the changing needs of our customers and as a result we also today announcing the creation of 925 new roles.
“These new roles form part of the £3bn commitment we have made over the course of our next strategic plan to focus strongly on technology and people, equipping teams with the specific skills to advise and support our customers.
“To put this into context, we are planning our largest ever investment in our people by increasing training hours to 4.4 million hours per year.
“The group’s policy is always to use natural turnover and to redeploy people wherever possible to retain their expertise and knowledge within the group.”
The lender had said in February that it would invest £3bn over three years in such digital initiatives, but had not said how many branches or jobs it would cut.