Lloyds Banking Group is set to shut down 49 branches and axe a further 665 jobs in a bid to cut costs and boost profitability.

The layoffs will affect various segments such as retail, commercial banking, insurance, and consumer finance.

However, the bank also plans to create 145 new roles across these units, which takes the net job cuts to 520.

The closure of the branches would start from the first quarter of 2017. At the same time, the bank also plans to roll out a new mobile banking service in some of the affected areas.

The latest move is part of Lloyds’ wider three-year restructuring strategy, implemented by the CEO Antonio Horta-Osorio in 2014. As part of this plan, the bank shed about 5,500 jobs and closed 153 branches till date in 2016.