Lloyds Banking Group is to cut a further 9,000 jobs and reduce the number of branches it has by 150 by 2017. The changes form part of the latest phase of the group’s strategy to turn itself into a low cost, low risk, customer-focused UK retail and commercial bank. Lloyds Banking Group says that is investing heavily in its digital capabilities but that it remains committed to ensure that over 90 per cent of Lloyds and Bank of Scotland customers will continue to have a branch within five miles of their home and that its Halifax branch network will be maintained. The Government still owns 25% of the group, which had to be rescued during the financial crisis in 2009, since when it has reduced the number of people it employs by 30,000. Britain’s largest union Unite says that the job losses could have “unknown consequences on customer service and will put even more pressure on staff who have helped get the bank back on the right track”, and adds that it will be seeking guarantees that there will be no compulsory redundancies.
