British retail and commercial bank Lloyds Banking Group has announced plans to cut 450 jobs as a part of its digitalisation initiative.

The job cut will primarily reduce back office staff. The bank also stated that new 255 posts would be created mitigating the overall impact of job cuts to 195, reported Reuters.

In February, the bank eliminated nearly 930 jobs as well as announced several bank closures.

A  Lloyds spokeswoman was quoted by the news agency as saying: “Today’s announcement involves making difficult decisions, and we are committed to working through these changes in a careful and sensitive way.”

Earlier this year, Lloyds unveiled a £3bn technology investment programme under its three year strategy that aims to emphasise on digital initiatives.

The lender is currently facing stiff competition from new fintech entrants in the banking sector with customers largely opting for mobile and internet banking services.

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In April, Lloyds Banking Group registered pre-tax profits of £1.6bn ($2.2bn) in the first quarter of this year, a significant rise of 23% compared to the corresponding period of 2017.