British banking giant Lloyds is set to slash 1,755 jobs and shut down 26 branches as part of a sweeping restructure announced by the bank over a year ago.
The bank will shut down 19 Lloyds, seven Bank of Scotland and three Halifax branches in June as part of the latest move.
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The job cuts will mostly affect the bank’s retail operations, with layoffs also to occur at the bank’s commercial banking, consumer finance and legal divisions.
Meanwhile, the bank is also planning to recruit 170 new employees in its retail and commercial banking units and legal team. This brings the net figure for job cuts to nearly 1,585.
The bank in a statement said: "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. Where it is necessary for employees to leave the company, it will look to achieve this by offering voluntary redundancy. Compulsory redundancies will always be a last resort."
In October 2014, the bank unveiled plans to reduce about 10% of its workforce over three years owing to the increasing adoption of online banking methods, and automation of some back office functions. The new layoffs will bring the total number of job cuts announced by the bank to 5,530.
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By GlobalData
