Lloyds Banking Group is cutting 325 jobs and has announced the locations of 100 branches it will close between July and October. The reductions are part of a three-year cost-cutting programme that will see 12,000 jobs cut and 400 branches closed by the end of 2017.
The latest closures affect 54 Lloyds branches, 22 Halifax branches and 24 Bank of Scotland outlets. Once completed, Lloyds will be left with more than 1,800 branches across the three brands. The bank said the closures were prompted by changing customer behaviour and reduced branch transactions.
Unite, Britain’s biggest union, and the Federation of Small Businesses (FSB) expressed concern and anger. FSB chairman Mike Cherry said: 'It is very worrying to see yet more local bank branches being shut down, leaving small business customers without the services they rely on.' He noted that online banking is not always an option due to poor broadband in rural areas.
Rob MacGregor, national officer of Unite, rejected the argument that customers prefer technology, stating: 'The loss of a further 100 local banks will be painful for high streets across the country to absorb … It’s clear that many customers still value face to face engagement.'
To cushion the blow, Lloyds has launched a fleet of mobile vans, adding nine more vehicles to bring the total to 20 by the end of 2017. The main high street players have shut 1,700 branches in the past five years, leaving 1,500 communities without a bank.
