Latest Lloyds cuts to see 305 jobs and 49 branches slashed

The bank’s ongoing cost cutting drive includes a three year programme to shut 400 branches and shrink hundreds more in a transition to fintech alternatives to tradition tellers.

In a statement confirming the news, which will also include staff cuts in some central back office functions, the bank said: “Customers are increasingly choosing to use digital and mobile channels for their everyday banking needs.

“As a consequence, the number of customers visiting some of our branches has declined in recent years. In response to this, we have confirmed the locations of some branches which will close next year across Lloyds Bank, Halifax and Bank of Scotland.”

In February announced plans to invest £3 billion over the next three years to transform the business into a “digitised, simple, low risk, customer focused, UK financial services provider”.

A spokesman said: “These closures are in response to customers’ changing behaviour.”