Lloyds to axe 10% of workforce

Lloyds bank

The UK’s largest high street lender is to cut 9,000 jobs as it racks up automation of customer-facing services.

The 25% taxpayer-owned bank will also set a target for high street branch closures, although this number has not yet been confirmed, according to Sky News.

Tens of thousands of jobs had already been slashed at Lloyds TSB and HBOS since the institutions merged in 2008, a common trend among major banks in the aftermath of the financial crisis. This time, the growing popularity of online and mobile banking has been cited as cause for a cull.

A report released by the British Bankers’ Association earlier this year showed rapid growth of online and mobile banking, with 40 million transactions conducted by UK customers every week during 2013. 10 million Lloyds customers use online banking and mobile banking has quadrupled to 4.5million over the past three years.

This is about responding to customer behaviour and ensuring that Lloyds is in the right shape for the next 20 years of consumer banking,” said one insider.

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