Lloyds Banking Group is reportedly planning to shutter additional 48 branches, which could result in 178 job redundancies.

As per several media reports, the lender plans to close 41 Lloyds Bank and seven Halifax branches as clients continue to prefer digital banking services over branch banking.

Lloyds Banking Group retail director Vim Maru said: “Like many other businesses, we’ve seen people using our branches less frequently in recent years, and this decline is continuing.

“Our branches remain a fundamental part of how we serve our customers but we need to ensure the size of our branch network reflects the number of customers wanting to use them.”

The announcement, which has been criticised by the Unite union, will reduce the number of Lloyds Banking Group branches from 1,523 to 1,475.

Unite general secretary Sharon Graham said: “The announcement by Lloyds Banking Group of closing a further 48 bank branches is a complete betrayal of the communities and staff who have long supported this highly profitable business.

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“Banks are leaving people behind in the rush to close bank branches and force consumers to go cashless to boost their mega-profits.”

The union stated that it believes that the banking industry should have a legal commitment to protect access to cash and bank branches.

In June this year, Lloyds Banking Group announced the closure of 44 branches, which include 29 Lloyds Bank as well as 15 Halifax branches.