Lloyds Banking Group (LBG) will eliminate 780 full-time roles at branches across the UK as customers continue hopping to online banking.
A spokeswoman for the bank said: “As customers are using our branches less often, we are reducing the number of roles across our branch network.
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“This means we can shape our service according to customer behaviour and local demand.”
The redundancies account for 6.25% of the bank’s overall British workforce of 70,000.
The move will affect customer advisers, consultants, and branch managers roles at Bank of Scotland, Lloyds, and Halifax.
The move is part of the bank’s strategy to cut costs and scale back its operations in favour of digital services. As a part of this, the bank decided to shutter 56 branches across the UK last month.
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By GlobalDataThe process to lay off employees will begin in June and expected to last till October this year.
Trade union Unite has criticised the move.
Unite LBG committee chair Scott Doyle said: “The decision by Lloyds Banking Group to cut the equivalent of 780 staff from its branches is yet more evidence of the bank’s profits over people culture.
“The Bank of Scotland, Lloyds and Halifax branches hit by the extensive staff cuts today will have sent shockwaves through the communities which are at present served by highly experienced bank staff.
Recently, the banking reported a 26% drop in annual profits to £4.4bn due to bad debts and customer compensation in billions.
Job cuts in the UK banking sector
The British banking sector has witnessed a spate of job cuts in recent months.
Last week, HSBC announced plans to lay off 35,000 employees to downsize its US and European operations.
In the same month, Royal Bank of Scotland (RBS) confirmed plans cut thousands of jobs at Natwest as a part of its cost-cutting strategies.
